Introduction
The Real Estate Regulatory Authority of Gurugram (RERA) has taken a tough stance on the real estate promoter. Coral Realtors Pvt Ltd, the promoter of the ongoing commercial project Metro World Mall in Sector 56, has been fined Rs. 50 lakhs with a heavy fine.
The Gurugram Real Estate Regulatory Authority has fined city-based real estate promoter Coral Realtors Private Limited for not registering its ongoing project with the authority. The authority revealed that a fine of Rs 50 lakhs has been imposed.
The authority said the realtor continued to create advertising, marketing, and third-party rights in the project prior to registration. This is a clear violation of Section 3 of the RERA Act, 2016. Section 3 of the RERA Act mandates registration of a real estate project before creating any third-party rights.
“Therefore, on the realtor, the authority decided to impose a fine of 50 lakhs. RERA states that a registration certificate will be issued only after receipt of the penalty. Coral Realtors Pvt. Ltd. is constructing a commercial project called Metro World Mall in Sector 56, Gurugram.
Must Be Reregistered With RERA
Section 3 of the RERA Act 2016 requires the registration of real estate in any planning area or a real estate project. No promoter shall advertise, market, book, sell, or offer for sale any plot, apartment, or building in any planning area without registration.
“No one is above the law. The law treats all its stakeholders equally. In this case, the promoter has violated certain sections of the law. Promoters should register projects before creating advertisements and third-party rights,” said RERA Chairman Arun Kumar Gurugram.
In this case, the promoter, Coral Realtors Pvt. Ltd. The project has applied for registration with RERA. Only after Gurugram took cognizance of the matter and initiated special autonomy did the authority announce the fine.
Conclusion
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Also read: Uttar Pradesh RERA: New Norms for Investigation of Project Documents