The Haryana Real Estate Regulatory Authority, Gurugram, imposed a penalty of Rs 2.5 crore on M/s M3M Pvt Ltd for advertising boutique floors at a project named ‘City of Dreams’, Sector 89, Gurugram. Photo for representation only.
Tribune News Service
Gurugram, October 13
The Haryana Real Estate Regulatory Authority, Gurugram, imposed a penalty of Rs 2.5 crore on M/s M3M Pvt Ltd for advertising boutique floors at a project named ‘City of Dreams’, Sector 89, Gurugram. 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 who are partners in the Smart World project.
The action was taken by a Bench headed by Dr KK Khandelwal, Chairman, Samir Kumar and Vijay Kumar Goyal.
Taking suo moto cognisance, the Bench observed that a malicious trend of advertising real estate projects without prior registration has been noted amongst real estate promoters.
It is found that promoters are getting their unregistered projects advertised 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. It is noticed that promoters are not getting their projects registered but getting them advertised in the market, luring the investors to invest.
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