NASHIK: As many as 904 new and ongoing real estate projects in Nashik region, including 726 projects in Nashik city, have so far been registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA). Nashik region involves Nashik, Jalgaon, Dhule, Nandurbar and Ahmednagar districts. There are a total of 9,500 flats from the 726 under construction projects in the city, registered under Rera.

Projects that are ready and have got Building and Completion Certification need not get registered under Rera. According to insiders from the real estate fraternity, there are around 3,000 flats lying unsold in the city. It means there is good supply of residential properties in the city, considering the under construction projects and the ready unsold flats.

Sunil Kotwal, president of Credai Nashik, said, “Around 904 projects have been registered under Rera in Nashik region comprising five districts. Of these 726 projects with around 9,500 flats are from Nashik city. There has been good supply and these with around 9,500 flats are from Nashik city. There has been good supply and these properties are available at moderate rates. Moreover, the rate of interest on home loans is also at a lower level. Hence, this is a good opportunity for people to buy a home.”

Moreover, 97 projects registered under Rera are from Ahmednagar, 61 projects from Jalgaon, 14 projects from Dhule and 6 projects from Nandurbar. As per Rera norms, it is mandatory for developers to register new projects with Rera on its website by uploading the documents concerned. Under the Rera Act, any ongoing project in the state that has not received occupation certificate till April 30, 2017, were had to register before July 31, 2017.

Section 3 of the Act says, ongoing projects which are not registered cannot advertise, sell, market any flats/shops in that project. If any promoter fails to register as per the Act, he shall be liable to a penalty that may extend up to 10% of the estimated cost of the real estate project.

On continued violation, the builder can be punished with imprisonment for a term that may extend up to three years or with fine that may extend up to a further 10% of the estimated cost of the project, or both.

It is mandatory that the advertisement for marketing of apartments in the real estate project must carry the MahaRera registration number.

Source: Hindustan Times