Haryana RERA Imposes Fine Of Rs. 3 Crore On M3M Builder For Advertising Unregistered Projects

Haryana Real Estate Regulatory Authority (RERA), taking suo motu cognizance against M3M Private Limited, has fines the builder for advertising unregistered projects. Talking to newsmen, Chairman of Haryana Real Estate Regulatory Authority, Dr. K.K. Khandelwal said that M3M Group was found to be involved in advertisement of its unregistered projects despite repeated warnings from RERA.

Taking cognizance of the matter, RERA imposed a fine of Rs 2.5 crore on M3M for advertising boutique floors in their project “City of Derimus” located in Sector-89 and another fine of Rs. 50 lakhs on the “Smart World Floors” project located in Sector -61, Gurugram.

Along with this, fine of Rs 50 lakh each, has also been imposed on Smart World Developers based in Sector-61 and Suposha Realcon.

Dr. Khandelwal said that it has come to the notice of the authority that many promoters and builders give advertisements for real estate projects without registration. Promoters are getting their unregistered projects advertised either directly or through their channel partners/real estate agents. The Real Estate (Regulation and Development) Act, 2016 .makes it mandatory for all commercial or residential projects to be registered before they are launched, to promote transparency in the real estate sector.

The members, headed by Dr KK Khandelwal, Samir Kumar and Vijay Kumar Goel, took suo moto cognizance in these matters and expressed their displeasure and dissatisfaction over such unprofessional conduct of the promoters and are of the view that such promoters should be punished severely. Haryana RERA, Gurugram has been keeping a close watch on real estate promoters and agents to protect the interest of common man and save them from investing their hard earned money in such projects.