M3M India, a developer, received a notice from the Uttar Pradesh RERA on Saturday for reportedly commencing the promotion and marketing of units in a Noida project without registering it with the authority, which is a clear violation of regulations.
According to an official statement, the UP Real Estate Regulatory Authority (UP RERA) has issued a warning that the promoter of an unregistered project could face imprisonment if the project is not discontinued. The UP RERA also urged other developers to strictly comply with the RERA Act.
According to PTI, the developer based in Gurugram clarified that the promotional campaign being advertised in Noida is simply a continuation of M3M's corporate campaign. The purpose of this initiative is to increase awareness and educate individuals about M3M's presence in the city.
The NOIDEA project of M3M India Pvt Ltd in Gautam Buddh Nagar has been served a notice by UP RERA following reports of non-compliance with the RERA Act.
According to a statement by Rajesh Kumar Tyagi, the Secretary of UP RERA, M3M India Pvt Ltd has been found to be in violation of Section 3 of the RERA Act for promoting and marketing the sale of units in their NOIDEA project without completing the RERA registration process.
As per Tyagi, Section 59 of the Act holds the promoter responsible for paying a penalty of a maximum of 10% of the project cost and/or imprisonment for up to three years.
UP RERA has reported that M3M India did not register their project with RERA and commenced publicizing it. Additionally, they have observed evidence of the promoter persistently attempting to market their project to the general public through various channels.
According to the Secretary of RERA, the enactment of the RERA Act was aimed at safeguarding the interests of homebuyers and fostering the growth of the real estate sector.
Tyagi emphasized that any arbitrary actions carried out by builders in the real estate sector in Uttar Pradesh before the enactment of the RERA Act will now face strict consequences. Moreover, he warned that if any other promoters in the state are found to be engaging in similar violations, prompt action will be taken against them.
UP RERA has directed M3M India's promoters to adhere strictly to Section 3/59, which prohibits any promotion or advertisement of a housing project without obtaining registration with the state's RERA.
Upon being contacted, M3M India stated that the campaign referred to by UP RERA is not associated with the promotion of the NOIDEA project.
M3M India has issued a statement to PTI, clarifying that the campaign being referred to in Noida, Uttar Pradesh is merely an extension of their corporate campaign aimed at raising awareness about M3M's presence in the city. They have emphasized that they have not promoted the NOIDEA project in any way during this campaign.
The developer has added that M3M India is a compliant developer that operates on the principles of corporate governance and ethics, following all guidelines and policies issued by the state government. They have also mentioned that M3M India has invested a significant amount in Uttar Pradesh, primarily in Noida, which will create job opportunities for thousands of people in the region.
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