Maharashtra Real Estate Regulatory Authority (MahaRERA) on Thursday imposed a fine of ₹50 lakh on Piramal Realty – a builder’s company – for not abiding by the rules and for violating the law. Before this, the fines imposed varied between ₹2 lakh to ₹10 lakh but this is the first case where the fine is beyond the usual amount.
A three-page advertisement was published in a newspaper regarding the Piramal Realty’s new project – Piramal Mahalaxmi in South Mumbai. The firm has been penalised for violating the norms set by MahaRERA for advertisements.
In the advertisement, the company’s registration number with MahaRERA was printed in small letters and the details regarding the advertisement was unavailable on MahaRERA’s website. According to MahaRERA’s policies, the registration number shall be printed in bold uppercase letters and it is mandatory for every advertisement to be registered with the website.
MahaRERA’s President Gautam Chatterjee imposed a penalty of ₹50 lakh on Piramal Realty for violating the law.