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The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a notice to M3M India, a Gurugram-based developer, for allegedly promoting and marketing units in a Noida project without registering with the authority. The developer has been warned that if the unregistered project is not discontinued, the promoter could face imprisonment.
The UP RERA has instructed promoters of M3M India to "strictly comply" with Section 3/59, which bars a promoter from publicity of any housing project without first getting it registered with the state's RERA. M3M India denied any publicity of the project and claimed that the campaign projected in Noida was purely an extension of their corporate campaign to bring awareness about the presence of M3M in the city. They also claimed to be a law-abiding developer and adhered to all guidelines and policies issued by the state government.
"We would like to make it clear that the campaign that is being projected in Noida, Uttar Pradesh, is only an extension of M3M's corporate campaign to raise people's knowledge and increase their sensitivity to M3M's presence in the city. We have never made the project public, M3M India said in a statement to PTI.
"M3M is a law-compliant developer that runs its business in accordance with the values of corporate ethics and governance, abiding by all the rules and regulations set forth by the state government. The developer continued, "M3M India has committed a sizable investment in Uttar Pradesh, namely Noida, and will also guarantee jobs to thousands of people in the area.
The RERA Act is a crucial step in regulating the real estate sector and providing transparency to homebuyers. It mandates that all developers must register their projects with RERA before they can start selling units. The act also ensures that developers provide accurate information about the project, such as the completion date, amenities, and project layout, to potential buyers. It also has provisions for penalties and imprisonment for developers who violate the act.
In recent years, the real estate sector has witnessed a boom in India. Many developers have launched ambitious projects to meet the growing demand for homes. However, the sector has also been plagued by issues such as delays in project delivery, fraudulent practices, and violations of environmental norms. The RERA Act aims to address these issues and protect the interests of homebuyers.
In conclusion, the UP RERA's notice to M3M India is a significant step towards enforcing the RERA Act and regulating the real estate sector. It sends a strong message to other developers that they must comply with the act's provisions and protect home buyers' interests. The act has already brought in much-needed transparency in the sector, and its implementation will go a long way in restoring homebuyers' trust in the real estate market.
This story was first published by PTI.
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