UP RERA warns Buyers, Investors against misleading, Fraudulent Ads

NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Tuesday termed the advertisements of Sarvottam World as “misleading and fraudulent” and warned buyers and investors against its upcoming project.

The UP RERA noted that a real estate project named ‘Megapolis/Sarvottam Megapolis’ in a hi-tech township named ‘NEWOIDA’ is being advertised by a promoter ‘Sarvottam World’ and being broadcast and publicized on all platforms of media – newspapers, radio, digital, etc, according to an official statement.
“In this regard, we have to inform and warn stakeholders of the real estate sector that the said advertisement is completely misleading and fraudulent. As per the description presented in the advertisement, there is no such project registered with RERA,” UP RERA Secretary Pramod Kumar Upadhyay said.

The mentioned registration numbers in the advertisements – UPRERAPRJ10825, UPRERAPRJ10851 and UPRERAPRJ11033 belong to another promoter i.e Uttam Steel and Associate (Consortium) and Ansal Hi-Tech Township, he said.

“This type of advertisement by the promoter is a violation of the provisions of the RERA Act. This type of advertisement creates waves of a negative image about the promoter towards the stakeholders of the sector. This may likely cause injustice to the buyers,” Upadhyay said.
“This act of the promoter is punishable under RERA Act 2016 and appropriate action is being ensured so that the interests of all the stakeholders associated with the entire real estate sector can be protected and the promoters must ensure to abide by the RERA Act,” he added.

The UP RERA said it is committed to the regulation and development of the real estate sector in the state. It also appealed to potential and future buyers and investors in the
real estate sector that before purchasing or investing in any project, ensure to obtain all the information related to the project through the registration number given in the advertisement that is available on the RERA portal, www(dot)up-rera(dot)in, and then only take a decision.

Source: https://realty.economictimes.indiatimes.com/news/rera/up-rera-warns-buyers-investors-against-misleading-fraudulent-ads/103975646