UP RERA recently passed an order making it mandatory for all the developers to mention the Registration number in the advertisement along with a link to RERA website.
Strict action has been taken as two projects of Ansal API has been de-registered by the UPRERA Authority after the promoter could not provide a satisfactory response to the notices sent by the Authority.
UPRERA Authority has imposed penalty of Rs 2.5 crore against 11 developers for failing to comply with the authority’s order, which were in favor of homebuyers.
SEBI ordered Kalpbut Real Estate to refund the illegally raised Rs 15 crore back to investors along with 15 per cent interest annually on the refund amount.
RERA Authorities being regulators are trying to help the Developers in one form or the other. Maharashtra & Karnataka-RERA have already given a three-month extension to registered projects.