The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) said it has issued notice to M3M India Pvt. Ltd for its ‘NOIDEA’ project in Gautam Budh Nagar over violation of the RERA Act.
The Authority in a statement said that it has found that M3M India Private Limited has not completed the process of RERA registration of its project 'NOIDEA' and has started promotion and marketing for sale of the units, which is a direct violation of section 3 of RERA Act.
It said that under Section 59 of the Act, the promoter is liable to pay a penalty of up to 10 percent of the project cost and a jail term of up to three years.
“UP RERA found that M3M India Pvt. Ltd. did not register the project in RERA and started publicity of the project. The Authority also found that there was evidence of the promoter continuously trying to take his project to the general public through various mediums. The project at Gautam Budh Nagar will be investigated under the RERA Act,” the Authority said in a statement.
UPRERA Secretary, Rajesh Kumar Tyagi, said that the RERA Act has been enacted to protect the interests of homebuyers and to develop the real estate sector so any arbitrariness committed by builders prior to the enactment of the RERA Act in the real estate sector in Uttar Pradesh will now be dealt with strict actions.
He said that if any other promoters of the state are also found involved in such violations, there will be no delay in the actions.
The statement said that preliminary investigation found contravention of section 3 of RERA Act as promotion of the project is being done without registration and action will be taken as per law.
As per section 3 of the RERA Act, no promoter shall advertise, market, book, sell or offer for sale any plot, apartment or building in any real estate project without registering the real estate project with RERA.
RERA registration is not required in those real estate project where the area of land proposed to be developed does not exceed five hundred square meters or the number of apartments proposed does not exceed eight inclusive of all phases.
Responding to the development, M3M in a statement said, “We would like to clarify that the campaign which is being projected in NOIDA - Uttar Pradesh, is purely an extension of M3M’s corporate campaign to bring awareness and sensitise people about the presence of M3M in the city. We have at no point publicised the project. M3M is a law abiding developer and operates on the principles of corporate governance and ethics, adhering all the guidelines and policies issued by the State Government. M3M India has committed a large investment in Uttar Pradesh, mostly in NOIDA and will also ensure jobs to thousands of people in the area.”