UP RERA slaps ₹2.66-cr fine on 91 agents for violation of norms
Any promoter/agent repeating these violations will be heavily fined and the penal amount could be as high as 5% of the cost of the project, says chairman
LUCKNOW The UP Real Estate Regulatory Authority (RERA) imposed a fine of ₹2.66 crore on 91 agents/promoters for violation of its norms in marketing and sale of projects. The action came in wake of complaints by homebuyers regarding misleading information provided by developers in advertisements of apartments and plots.
Taking serious note, the regulatory authority warned the erring developers of stern action. “We have imposed a fine of ₹2.66 crore on 91 promoters for violation of directives regarding advertisement of real estate projects,” said Sanjay Bhoosreddy, chairman, UP RERA.
“Any promoter/agent repeating these violations will be heavily penalized and the penal amount could be as high as 5% of the cost of the project,” asserted Bhoosreddy.
According to RERA, whenever any promoter/agent issues an advertisement/prospectus for the sale of units, he must ensure that details of RERA registration number of the project, RERA website, unique RERA QR code of the project and project collection account number are prominently published on the right hand top of such promotional advertisement.
Agents are directed to also include their RERA registration number in such advertisements in addition to the other details.
The authority has advised homebuyers not to invest in projects whose advertisements do not carry mandatory details.
“Anyone who wants to buy a house/plot in a project must go to the website of UP RERA to ascertain details of the project,” said U.P RERA.