Haryana Real Estate Regulatory Authority (HARERA) has fined Gurgaon-based developer M3M and others of Rs three crore for advertising about the project without getting it registered with the authority.
“A malicious trend of advertising real estate project without prior registration has been noted amongst real estate promoters. It is found that promoters are getting advertised their unregistered projects either directly or through their channel partner/real estate agents. The Real Estate (Regulation and Development) Act, 2016 makes it mandatory to register all commercial or residential projects before its launch, to promote transparency in real estate sector,” the authority said in a statement.
The Haryana Real Estate Regulatory Authority, Gurugram has taken Suo-moto cognizance against promoter M3M Pvt. Ltd. and many others for advertising its unregistered projects despite repetitive directions but contrarily also found involved in derelictions.
M3M declined to comment on the matter.
The authority imposed a penalty of Rs 2.5 crore on M3M for advertising boutique floors at project named “City of Dreams”, sector 89, Gurugram and a penalty of Rs 50 lakh was also imposed on it for another project Smart World Floors, Sector 61.
A fine of Rs 50 lakh each was slapped on Smart World developers and Suposhaa Realcon Pvt who are partners in Smart World project at sector 61, Gurugram.
“It is noticed that promoters are not getting their projects registered but getting them advertised in the market luring the investors to invest,” the authority said.