- Sanjay Bhoosreddy, Chairman U.P. RERA has strictly warned the promoters to abide by the directions of U.P. RERA in the advertisement for marketing and sale under the real estate projects.
- He has directed all real estate agents also to strictly abide by these directions.
- Bhoosreddy has also cautioned the home buyers against making any investments in such projects where the promoter has not given the details of the RERA registration number of the project, RERA website, unique RERA QR code of the project and project collection account number.
- UP. RERA is heavily penalizing those promoters and agents who are found indulging in violation of its directions on promotion and advertising of the projects.
- UP. RERA, so far, has imposed penalty amounting to Rs. 2.66 crore against 91 defaulting promoters/agents.
Lucknow/Gautambuddha Nagar- U.P. RERA has once again issued strict directions for the promoters and the agents emphasizing that they should strictly abide by the provisions of the RERA in all the advertisements relating to the sale and marketing of the apartments or plots in the real estate projects. It is mandatory under the RERA Act and directions issued by U.P. RERA from time to time that whenever any promoter or real estate agent issues an advertisement or prospectus for the sale of units in any of the projects, he must ensure that the details of the RERA registration number of the project, RERA website, unique RERA QR code of the project and project collection account number are prominently published on right hand top of such promotional advertisement. RERA has directed the real estate agents to also include their RERA registration number in such advertisement in addition to the other details required to be prominently published.
U.P. RERA has been continuously emphasizing that its primary object is the protection of the investment of the home buyers and to ensure that the promoters and agents furnish to them all relevant details with accuracy so that the prospective home buyers are able to make judicious choice about buying a house. If the mandatory details as required by RERA are available in the advertisement, the home buyer will be prompted to access the U.P. RERA website and find all relevant information relating to the promoter and the project there. The observance of these RERA directives will minimize the possibility of the home buyers being duped by misleading advertisements. RERA feels that the promoters indulge in withholding such information in their promotional documents with the intention of making economic gains by keeping the home buyers in dark. The intent of the law is clear, the law requires that no homebuyer should be kept in dark and that strict action should be taken against such promoters and agents who indulged in contravening the provisions of law.
Here is an important word of caution by U.P. RERA for home buyers. Every misleading advertisement could finally lead to the loss of the home buyers. Therefore, U.P. RERA has cautioned and has advised them not to make any investment in such projects whose advertisements do not carry the RERA directed details regarding promotion of the project, and must exercise due restraint towards protection of their interest. Any home buyer who wants to buy a house or plot in the real estate project must go to the website of U.P. RERA to ascertain the details of the project and make any decision for investment after exercising due precautions.
Sanjay Bhoosreddy, Chairman, U.P. RERA stated that U.P. RERA keeps continuous eye on all the advertisements published by the promoters and agents, be it in a newspaper, any other journal, on television or social media or digital platform or in the form of outdoor hoardings and banners. It was also stated by him that RERA has penalized 91 promoters and agents so far with the penal amount of Rs. 2.66 crores for violation of its directions regarding the promotional advertisement of real estate project and that if any promoter or agent repeats these violations, he would be heavily penalized and the penal amount could be as high as five percent of the cost of the project.
