Sai Estate Consultants, property broker in Mumbai, is under the scrutiny of Maharashtra Real Estate Regulatory Authority (Maharashtra-REA) as it has given the advertisement forseveral residential projects which are not registered under the Maharashtra-REA. Thus the Authority has issued the first ever show-cause notice in the matter of violating the provisions of Real Estate (Regulation and Development) Act 2016 and the rules made by it. Though the broker is registered with authority but as per the act, brokers are not allowed to do any advertisement or sale of the project which is not registered under the respective act.
The chairperson of Maharashtra-RERA, Mr Gautam Chatterjee, told to the Economic Times, that the property broker,Sai Estate Consultant, has violated Section 9, 10 of the relevant law and Rule 14 of Registration Regulation. According to the law, the property broker should be registered within 90 days for the current projects and as well as with the respective authorities. The property broker, Sai Estate Consultants, has confirmed the matter of getting the notice. He has already sent an answer to the notice to the concerned authority.
Maharashtra is one of the first state which has issued notification of its rule immediately by the name Maharashtra-REA after the Central Government has implemented Real Estate (Regulation and Development) Act 2016 and all its sections have been effective from 1st May this year.
According to the chairperson, after the implementation of the Real Estate Regulatory Authority (RERA) Act in Maharashtra, around 22 real estate projects and over 1100 property brokers have been registered under it. Further, nearly 100 proposals have been given for the registration and they are in process to complete the last phase of payment and submission. He said that we hope that the registration process will catch up soon and large number of projects will be registered till June 15.