RERA Fines Developer Rs 50 Lakh for Unregistered Mall Project Promotion

    Date:

    Share post:

    The Real Estate Regulatory Authority (RERA) in Gurugram fined Coral Realtors Private Limited, a real estate company, Rs 50 lakh. The company was penalized for promoting and selling their mall project, Metro World Mall in Sector 56, Gurugram, without registering it with RERA first. This action goes against the rules set by the RERA Act of 2016, specifically Section 3, which requires all real estate projects to be registered before they are advertised or sold.

    RERA made it clear that the company cannot get away with breaking these rules. They stated that the fine must be paid before the project can be officially registered.

    The chairman of RERA Gurugram, Arun Kumar, emphasized that the law applies to everyone equally. He warned that all real estate developers must register their projects with RERA before starting to advertise or sell them.

    The issue came to light when RERA started an investigation on its own after noticing the unregistered project. The developer, Coral Realtors Private Limited, only applied for registration after RERA began looking into their activities. The developer did not immediately respond to requests for comments on the situation.

    Also read : Bengaluru Real Estate Under Pressure Amidst Water Crisis

    Related Posts

    Latest posts

    Delhi RERA chief warns real estate developers (About investors Trap)

    Real estate developers need to watch out for investors who might disrupt their finances and cause their projects...

    AIPL PRESENTS SUPERSIKH VAISAKHI 5K RUN

    AIPL (Advance India Projects Limited) presents SUPERSIKH VAISAKHI 5K RUN in partnership with the World Punjabi Organisation (WPO)...

    Ashiana Housing sold 224 flats saleable value of 440 crore in just 15 minutes at its prestigious projects Amarah

    Ashiana Housing announced that it has sold out the entire phase 3 of its prestigious project, Ashiana Amarah...

    Why Bhiwadi is Becoming a Hotspot for Real Estate Investment in India

    Bhiwadi, a lesser-known industrial town near Delhi, is quickly becoming a popular spot for real estate development, similar...