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New Delhi: The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has cracked down on developers flouting advertising norms, imposing a hefty fine of Rs 2.66 crore on 91 developers across the state.
This action is part of UP-Rera's ongoing efforts to ensure transparency and protect homebuyers from misleading or non-compliant real estate promotions.
The fines came after UP-Rera identified that these developers had either advertised their projects without registering them with the authority or had failed to display the crucial RERA registration number and QR code in their advertisements. Under the Real Estate (Regulation and Development) Act, 2016, it is mandatory for developers to register their projects and include the registration number in all promotional materials to ensure that potential buyers have access to all necessary project details.
Among the developers penalised were well-known names like AIMS Promoters, Wave Mega City Centre, and Ansal Housing Ltd, along with several others including Antriksh Realtech and ATS Realty. The fines range from substantial amounts to smaller penalties, depending on the scale of non-compliance and the project's size.
The authority has directed these developers to comply with its orders by submitting compliance reports and depositing the penalty amounts within specified deadlines, failing which the fines would be recovered as arrears of land revenue.