RERA Haryana
Terming such schemes as “fraud”, the authority said SEBI has already declared “assured returns” as illegal Ponzi schemes.
GURUGRAM: Haryana Real Estate Regulatory Authority (H-Rera) is going to issue notices to developers who are trying to lure people to invest in their residential and commercial projects, promising “assured returns”.
To lure people to invest in their real estate projects, many developers are offering “assured returns” schemes, in which investors in residential projects are assured of a fixed rental income, while in commercial projects, those assured returns go up to as much as 12%.
“It has come to our notice that many real estate firms are trying to lure investors through “assured returns” schemes, which is basically a financial scam promising very high returns,” said Gurugram H-Rera chairman K K Khandelwal, adding the body is preparing a list of such companies for criminal action by the authority.