UP RERA Issues Notice to M3M India for Promoting Unregistered 'NOIDEA' Project in Noida Without Registration
UP RERA Notice to M3M India: NOIDEA Project Promotion Without Registration
M3M India received a notice from the Uttar Pradesh RERA for reportedly commencing the promotion and marketing of units in a Noida project without registering it with the authority, which is a clear violation of regulations.
The Violation
UP RERA found that M3M India Pvt Ltd had not completed the process of RERA registration of its project NOIDEA and started promotion and marketing for sale of the units, which is a direct violation of Section 3 of RERA Act. The developer allegedly put up boards of the project all over Noida and Greater Noida.
Statutory Requirements Under RERA
According to the law, projects with a land area of 500 sq metres or more than eight units must be registered with RERA before they can be launched or promoted. Under Section 59 of the Act, the promoter is liable to pay a penalty of up to 10 per cent of the project cost and/or a jail term of up to three years.
UP RERA warned that the promoter of an unregistered project could face imprisonment if the project is not discontinued.
M3M India's Response
M3M India stated that the campaign referred to by UP RERA is not associated with the promotion of the NOIDEA project, and clarified that the campaign being referred to in Noida, Uttar Pradesh is merely an extension of their corporate campaign aimed at raising awareness about M3M's presence in the city, emphasizing that they have not promoted the NOIDEA project in any way during this campaign.
The developer added that M3M is a law-abiding developer that operates on the principles of corporate governance and ethics, following all guidelines and policies issued by the state government, and has invested a significant amount in Uttar Pradesh, primarily in Noida, which will create job opportunities for thousands of people in the region.
Regulatory Emphasis
UP RERA urged other developers to strictly comply with the RERA Act.