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RERA Gurugram mandated that developers must publish a newspaper notice immediately after applying for project registration. This move aims to curb unauthorized pre-launch sales and enhance transparency in the real estate sector. The notice will inform buyers that a project is awaiting registration approval, enabling them to make informed decisions and verify developers' claims. This initiative is part of RERA's ongoing efforts to protect homebuyers and ensure greater regulatory accountability.
In a decisive move to enhance transparency and curb unauthorized pre-launch sales, the Real Estate Regulatory Authority (RERA) of Gurugram has mandated that developers must publish a public notice in newspapers immediately after submitting an application for project registration. Advertisement
This directive, issued by RERA Gurugram Chairman Arun Kumar earlier this week, aims to inform prospective buyers that a project has applied for registration but has not yet received approval. The notice will contain limited information to maintain confidentiality but will be sufficient for buyers to assess the project's status and exercise due diligence.
Historically, Gurugram's real estate market has witnessed instances where developers, sometimes in collaboration with agents, initiated sales without obtaining necessary approvals. Such practices, in violation of the Real Estate (Regulation and Development) Act, 2016, have led to buyer grievances, including undisclosed infrastructure deficiencies and legal encumbrances.
The new requirement is expected to deter misleading marketing and promotional activities by ensuring that buyers are aware of a project's registration status. It also empowers them to verify claims and approach the regulator for authentic details.
The initiative aligns with RERA's broader objective to protect homebuyers and promote accountability within the real estate sector. By enforcing this measure, the authority seeks to reduce legal vulnerabilities faced by investors in unregistered projects and foster a more transparent property market in Gurugram.
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