March 11, 2024: The Haryana Real Estate Regulatory Authority (RERA) imposed a penalty of Rs 50 lakh on real estate promoter Coral Realtors for failing to register its ongoing project with the authority. The registration certificate will only be issued upon payment of the penalty.
According to the Authority, Coral Realtors continued to advertise, market and create third-party rights in the project before registration, violating Section 3 of the RERA Act, 2016. Section 3 of the RERA Act mandates the registration of a real estate project before creating any third-party rights.
“No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate projects or part of it, in any planning area, without registering the real estate project with the real estate regulatory authority established under this Act,” states Section 3 of the RERA Act, 2016.
Coral Realtors is constructing a commercial project named Metro World Mall in Sector 56, Gurgaon. In this instance, Coral Realtors applied for registration of the project with RERA only after the Authority initiated a separate suo motu proceeding upon becoming aware of the matter.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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