NEW DELHI: The Uttar Pradesh real estate regulatory authority (UP-RERA) has issued a strong directive to real estate developers and agents, urging them to strictly comply with regulatory guidelines when issuing advertisements for their projects.
Sanjay Bhoosreddy, chairman of the authority emphasized that all promotional materials for marketing and sales must adhere to the prescribed guidelines to avoid financial penalties.
Bhoosreddy also cautioned homebuyers to refrain from investing in projects that fail to include mandatory RERA registration numbers, website links, unique QR codes, or declaration accounts in their advertisements.
Failure to comply with these requirements could result in significant financial penalties for developers and agents.
UP-RERA has already imposed financial penalties amounting to Rs 266 crore against 91 developers and agents for violating these guidelines.
Homebuyers have been urged to verify project details online before making investment decisions to avoid financial risks. Any misleading advertisements issued without the required disclosures will be subject to strict legal and financial actions by UP-RERA.
Bhoosreddy said that these measures are applicable across various media channels, including print, television, social media, digital platforms, and outdoor hoardings. He warned that repeat offenders could face financial penalties amounting to up to 5% of the project’s total cost.
The authority 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.
Source Homevior.in
