The Haryana Real Estate Regulatory Authority has taken a serious view of four real estate firms inserting advertisements for sale of properties in unregistered projects. The RERA, taking it as a suo motu case, imposed a fine of Rs 4 crore on three realty firms. The firms are M3M Private Limited, Smart World Floors and partners of Smart World – Suposha Real Con. The M3M Pvt Limited was fined Rs 2.5 crore for issuing advertisements for sale of properties in City of Dreams Project located in Sector 89, it imposed Rs 50 lakh each on Smart World Floors and its partner Suposha Real Con and Smart World Developers, according to Haryana-RERA chairman KK Khandel.
He said that it has become a practice with the real estate company to insert advertisement without registering their property with the RERA. It came to RERA notice that the companies are attracting buyers either directly or through their agents. As per the RERA act which is in vogue since May 1, 2017, to market either a flat or plot or a house through advertisements the realtors should register it with the RERA. In this backdrop, the RERA would take stern action against violators of this rule, he said. The four realty firms did not mend their ways in spite of RERA cautioning them several times, he said adding that the RERA was forced to impose fine on them.
