Chennai: The Tamil Nadu Real Estate Regulatory Authority (TNRERA) on Saturday asked private real estate players to ensure customers are provided with free and fair information.
In a statement, it said, “Advertisements are being published in dailies without mentioning the website address of the authority and the registration number obtained from TNRERA.”
The statement further added, any individual / promoter / developer, who advertises any real estate project (where the area of land proposed to be developed exceeds 500 m2 or the number of apartments exceed 8 inclusive of all phases) is cautioned not to issue any advertisement through any medium and includes any notice, circular or other documents or publicity in any form, informing the public about a real estate project without mentioning the website address of the authority and the registration number obtained from the authority.
If the project does not fall within the ambit of RERA, that should also be indicated in the advertisement. Failure to do so will invite penalty under Section 59 of Real Estate (Regulation & Development) Act, 2016, which may extend up to 10 per cent of the estimated cost of the real estate project as determined by the Authority or punishable with imprisonment for a term which may extend up to 3 years or with fine which may extend up to a further 10 per cent of the estimate cost of the real estate projects or with both.
