RERA Imposes Rs 50 Lakh Fine on Coral Realtors……
Real estate regulatory authority RERA has imposed a Rs 50 lakh fine on a city-based real estate company, Coral Realtors Pvt Ltd. They were fined because they did not register their ongoing project with the authority. Before registering the project, the company advertised and sold rights to the project to others, which is against the law, according to an official.
The Authority said this is a clear violation of Section 3 of Act, 2016. The order stated, “Therefore, the Authority decides to impose a penalty of Rs 50 lakh. The registration certificate will be issued only after receipt of the penalty.” Coral Realtors is constructing a commercial project called Metro World Mall at Sector 56 in Gurugram. Section 3 of RERA Act says that a real estate project must be registered before rights are sold to others.
“No promoter shall advertise, market, book, sell or 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 projects or part of it, in any planning area, without registering the real estate project with the real estate regulatory authority established under this Act,” states this Section of Act 2016.
The promoter Coral Realtors applied for registration of the project with RERA, Gurugram, only after the Authority initiated a separate Suo Motu proceeding taking cognizance of the matter, according to the order.
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