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Tuesday, April 16, 2024

Realtor fined Rs 50 lakh by RERA for starting a project without registering

<p>Coral Realtors Pvt. Ltd., a realtor in the city, has been fined Rs 50 lakh by the real estate regulatory authority RERA for failing to register its ongoing project with the body. According to an official, the realtor was penalized for marketing the project and granting third-party rights before it was registered.</p>
<p><img decoding=”async” class=”alignnone wp-image-490820″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-realtor-fined-rs-50-lakh-by-rera-for-starting-a-project-without-registering-283520-750×563.jpg” alt=”theindiaprint.com realtor fined rs 50 lakh by rera for starting a project without registering 283520″ width=”974″ height=”730″ title=”Realtor fined Rs 50 lakh by RERA for starting a project without registering 27″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-realtor-fined-rs-50-lakh-by-rera-for-starting-a-project-without-registering-283520-750×563.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-realtor-fined-rs-50-lakh-by-rera-for-starting-a-project-without-registering-283520-1024×768.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-realtor-fined-rs-50-lakh-by-rera-for-starting-a-project-without-registering-283520-768×576.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-realtor-fined-rs-50-lakh-by-rera-for-starting-a-project-without-registering-283520.jpg 1200w” sizes=”(max-width: 974px) 100vw, 974px” /></p>
<p>The Authority declared in an official statement that there has been a blatant breach of Section 3 of the Act, 2016.</p>
<p>“As a result, the authority chose to apply a Rs 50 lakh fine. Only until the penalty has been received will the registration certificate be granted,” the ruling said.</p>
<p>At Gurugram’s Sector 56, Coral Realtors is constructing the Metro World Mall, a commercial property. Before granting third party rights, a real estate project must be registered, according to Section 3 of the RERA Act.</p>
<p>“No promoter shall advertise, market, book, sell, offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the real estate regulatory authority established under this Act,” according to this Section of Act 2016.</p>
<p>According to the ruling, the authority took note of the issue and launched a separate Suo Motu procedure before the promoter, Coral Realtors, submitted for registration of the project with RERA, Gurugram.</p>

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