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Investors Clinic, a real estate agent, is facing potential legal action from the Uttar Pradesh Real Estate Regulatory Authority (RERA) for allegedly violating rules in the promotion of a project by the M3M Group in Noida. The UP RERA has issued a "public notice" to Investors Clinic after the agent failed to attend a hearing scheduled on June 12.
The trouble began when Investors Clinic, registered as an agent, received a show cause notice from UP RERA on June 3 regarding its promotion and publicity of the "M3M The Cullinan" project in Noida Sector 94. The notice required the agent to appear via video conferencing on June 12 at 3 pm to present its side and clarify the alleged violations. However, Investors Clinic neither provided any clarification nor attended the hearing.
Consequently, the UP RERA has now instructed Investors Clinic to present its clarification at the regulatory authority's headquarters in Lucknow by 5 pm on June 17, either in person or via email. The final hearing in the case has been scheduled for June 19, to be conducted via video conferencing. If Investors Clinic fails to present its clarification, the UP RERA will consider it as a lack of response and will take appropriate legal action based on the available evidence.
The violations identified by the RERA officials pertain to the promotion of the project before its registration with the state's real estate regulator. According to the provisions of the RERA Act, any promotion of a real estate project by a registered agent before its registration in RERA, without mentioning a valid RERA registration number, is in violation of the law.
The UP RERA has determined that Investors Clinic is guilty of violating the Real Estate (Regulation and Development) Act in promoting the M3M Group project, which is contrary to the interests of stakeholders in the real estate sector.
In response to these developments, UP RERA has taken suo moto action against all real estate agents involved in the promotion and marketing of projects without valid RERA registration numbers. The regulatory authority has issued notices to these agents, excluding the promoter.
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