Noida, April 15 (IANS) Uttar Pradesh RERA has issued a notice to M3M builder as the builder allegedly started advertising about its project ‘NOIDEA’ without getting it registered with the regulatory body. It allegedly put up boards of project all over Noida, Greater Noida.
As per the RERA Act, this is a fraud with the buyers. After issuing the notice, RERA will now investigate the entire project.
UP RERA Secretary Rajesh Kumar Tyagi said that information was received about the violation of the RERA Act by M3M India Pvt Ltd’s Noida’s project located in Gautam Buddha Nagar. Investigation found that the company is doing publicity without completing the process of registration of this project in RERA.
In such a situation, the promoters can be fined 10 per cent of the total cost of the project and sentenced to three years. The UP RERA Authority said that in the preliminary investigation, evidence has been found that the firm is constantly trying to take their project to the general public through various mediums.
Four days ago, Yamuna Expressway Industrial Development Authority (YEIDA) had issued a notice of Rs 200 crore to Kadam Group, M3M Builder and Indiabulls for not paying TM (Transfer of Memorandum) charges. They have been accused of selling 73 acres of land in Sector-128 without permission from the Authority. Jaypee Infratech was given 500 hectares of land under LFD in Sector-128 of Noida. Out of this, Kadam Group bought 73 acres of land from Jaypee Infratech.
Later this land was sold first to Indiabulls and later to M3M group company. But TM charges were not paid to the Authority. The action came after Shipra Group (Kadam) registered a case against 18 officials of Indiabulls, M3M Company in Ghaziabad on April 9.
–IANS
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