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Maharashtra Real Estate Regulator Penalises Firm For 'Misleading Consumers'

MahaRERA has imposed a fine of Rs 1,20,000 on Sai Estate Consultant, for advertising unregistered real estate project of Haware Builders and thereby misleading the consumers.
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Maharashtra Real Estate Regulator Penalises Firm For 'Misleading Consumers'
Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA), in its first action since it came into existence on May 1, today imposed a penalty on a real estate company for "misleading consumers."

MahaRERA has imposed a fine of Rs 1,20,000 on Sai Estate Consultant, for advertising unregistered real estate project of Haware Builders and thereby misleading the consumers.

The agent has also been asked to tender apology and restrain from indulging in such misleading advertisements.

Mumbai Grahak Panchayat (MGP) had brought these advertisements to the notice of MahaRERA, on which suo motu action has been taken by the housing regulator.

"MGP welcomes this bold order by the MahaRERA and hope all builders and real estate agents will learn lesson from this order, which is first of its kind under the newly legislated RERA Act," the MGP said.

The advertisement was put up by Haware Builders about their project in Thane and appeared in a leading Marathi newspaper on June 1.

In it, Sai Estate Consultants (SEC) has been mentioned as the project's marketing agent.

SEC's registration number with MahaRERA has also been mentioned.

The state RERA came into existence on May 1 with former bureaucrat Gautam Chatterjee as its chairman.

Builders and real estate agents have been given three months to register their projects with the regulator, before they are fined.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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