UPRERA issues Notice to M3M for RERA Act Breach
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA), has issued a notice to the well-known real estate company in North India
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UPRERA issues Notice to M3M for RERA Act Breach The Uttar Pradesh Real Estate Regulatory Authority (UPRERA), has issued a notice to the well-known real estate company in North India, M3M, for violating the RERA Act. UPRERA has discovered that M3M has breached section 3 of the RERA Act by promoting and marketing the sale of units for its 'NOIDEA' project before completing the RERA...
UPRERA issues Notice to M3M for RERA Act Breach
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA), has issued a notice to the well-known real estate company in North India, M3M, for violating the RERA Act. UPRERA has discovered that M3M has breached section 3 of the RERA Act by promoting and marketing the sale of units for its 'NOIDEA' project before completing the RERA registration process.
Section 3 of the RERA Act prohibits any promoter from advertising, marketing, booking, selling, or offering for sale any plot, apartment, or building in a real estate project without first registering the project with RERA.
M3M India Pvt. Ltd. has been issued a notice by UPRERA for violating the RERA Act in relation to their 'NOIDEA' project in Gautam Budh Nagar (Noida).
According to a statement from the Regulatory Authority, M3M India Private Limited has violated Section 3 of the RERA Act by promoting and marketing the sale of units for its 'NOIDEA' project without completing the RERA registration process. The statement also mentioned that, as per Section 59 of the Act, the promoter could face a penalty of up to 10 per cent of the project cost and a prison sentence of up to three years.
The Regulatory Authority in a statement said, “UP RERA found that M3M India Pvt. Ltd. did not register the project in RERA and started publicity of the project. The Authority also found that there was evidence of the promoter continuously trying to take his project to the general public through various mediums. The project at Gautam Budh Nagar will be investigated under the RERA Act.”
Rajesh Kumar Tyagi, the Secretary of UPRERA, stated that the RERA Act aims to safeguard the interests of homebuyers and promote the growth of the real estate sector. Any unjust practices carried out by builders in the Uttar Pradesh real estate sector before the RERA Act's enactment will now be dealt with strictly, he added.