Real estate firm fined Rs 20 lakh

BHUBANESWAR :  The Odisha Real Estate Regulatory Authority (ORERA) has imposed a fine of Rs 20 lakh on a firm for advertising project without obtaining registration certificate. The ORERA in its order issued recently has asked the Assotech Sungrowth Abode LLP to deposit the amount before it within two months for violating the provisions of section 3 of the Real Estate (Regulation and Development) Act, 2016.

The provision states that no promoter shall market, book, sell or invite persons to purchase any plot, apartment or building in any manner in any planning area without registering the real estate project with the regulatory authority established under the law. The promoter, who contravenes the provision, will be liable to a penalty which may extend up to 10 per cent of the estimated cost of the project as determined by the authority, the law states.

The regulatory authority in January 2020 had registered a suo motu case against the firm for violating provisions of the Act and also issued notice to it for releasing advertisements and putting hoardings for sale of the Assotech Pride Project (Phase-I) at Rudrapur without obtaining registration certificate from it.