UP RERA issues notice to Investors Clinic over violations in M3M's Noida project
The realtor defied the rules in The Cullinan scheme
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UP RERA issues notice to Investors Clinic over violations in M3M's Noida project The realtor defied the rules in The Cullinan scheme The Uttar Pradesh Real Estate Regulatory Authority (RERA) has warned of legal action while issuing a ‘public notice’ to the real estate agent Investors Clinic for alleged violation of rules in the promotion of Noida-based M3M Group’s ‘The...
UP RERA issues notice to Investors Clinic over violations in M3M's Noida project
The realtor defied the rules in The Cullinan scheme
The Uttar Pradesh Real Estate Regulatory Authority (RERA) has warned of legal action while issuing a ‘public notice’ to the real estate agent Investors Clinic for alleged violation of rules in the promotion of Noida-based M3M Group’s ‘The Cullinan' project.
The public notice was issued after Investors Clinic skipped the 12 June hearing, scheduled by the UP RERA.
The notice read, "The real estate agent was asked through the show-cause notice to appear via video conferencing and present its side on 12 June at 3 pm. However, it neither presented any clarification over the violations, nor appeared at the designated time for the hearing."
The regulatory authority has now directed the realtor to present its clarification at its headquarters in Lucknow, either in person or over email by 5 pm on 17 June.
It stated, "The final hearing has been fixed for 19 June via video-conferencing and if Investors Clinic does not present its clarification, it would be considered that it does not have anything to say, and UP RERA, on the basis of the available evidence, will take action against it as per the law.”
As per the provisions of the Real Estate (Regulation and Development) Act, 2016, the promotion of any real estate project by a registered agent before RERA registration and without mentioning a valid RERA registration number, is contrary to the law.
UP RERA found Investors Clinic guilty of violating the Act in the promotion of the M3M Group project. This was against the interests of the stakeholders of the real estate sector.
The regulatory authority has taken a suo moto action regarding the publicity of the real estate project before its registration in RERA and without mentioning the valid registration number. It issued notices to all real estate agents (other than the promoter), involved in the promotion and marketing of the project.