UP-Rera slaps ₹2.66 crore fine on 91 developers for violating project advertising norms

The action came in the wake of complaints by homebuyers regarding misleading information provided by developers in advertisements of apartments and plots

The UP Real Estate Regulatory Authority (UP-Rera) imposed a fine of ₹2.66 crore on 91 promoters for violation of norms in marketing and sale of housing projects in the state.

The authority has advised homebuyers not to invest in projects, the advertisements of which do not carry these mandatory details. (HT Photo (Archive))

The action came in the wake of complaints by homebuyers regarding misleading information provided by developers in advertisements of apartments and plots.

Taking a serious note of these violations, UP-Rera had warned the erring developers of stern action. “We have imposed a fine of ₹2.66 crore on 91 promoters for violation of directives regarding advertisements of real estate projects,” said Sanjay Bhoosreddy, chairman, UP-Rera.

“Any promoter/agent repeating these violations will be heavily penalised and the penal amount could be as high as 5% of the cost of the project,” said Bhoosreddy.

According to UP-Rera, whenever any promoter/agent issues an advertisement/prospectus for the sale of units, (s)he must ensure that details of UP-Rera registration number of the project, unique UP-Rera QR code of the project and project collection account number are prominently displayed on the right hand top corner of such promotional material.

The authority has advised homebuyers not to invest in projects, the advertisements of which do not carry these mandatory details.

“Anyone who wants to buy a house/plot in a project must go to the website of UP-Rera to ascertain details of the project,” said UP-Rera.