PUNJAB REAL STATE REGULATORY AUTHORITY ISSUES DIRECTIONS REGARDING REAL ESTATE PROJECTS


Author(s): 

MENTIONING REGISTRATION NUMBER MANDATORY
Chandigarh, December 22, 2017: It has come to the notice of the Authority that many promoters advertising their projects on Print Media, outdoor hoardings, or FM Radio and SMS or the electronic media do not mention the Registration Number issued by this Authority.

Disclosing this here today, an official spokesman said that Section 3 of the Real Estate (Regulation and Development) Act, 2016 stipulates that no promoter shall advertise, book, market or sell any plot, apartment or building without registering the real estate project with this Authority. It is therefore essential that every project should be registered with this Authority before it is advertised by any promoter. Not mentioning the Registration Number issued by this Authority therefore leads to lack of transparency, and could cause confusion in the mind of the public as well as prospective purchasers about whether the project is registered with this Authority or not.

Thus in accordance with the Section 37 of the Real Estate (Regulation and Development) Act, 2016 advertisement of real estate projects in the print media, on outdoor hoardings or any other visual medium shall mention the Registration Number issued by this Authority in the top right corner of the advertisement. The size of the lettering and numbering used for this shall be not less than half of the size used for the name of the project in the said advertisement.

Date: 
Saturday, December 23, 2017