Real estate investors beware! A real estate company based in Delhi-NCR is illegally trying to entice buyers into a troubled real estate project where hundreds of buyers are left in the lurch and numerous complaints and court cases pending against its developers. The deception quickly came into light after the company started advertising through online advertising and other channels.
On 26 September 2023, Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued an advisory to caution buyers and investors that they should not invest in the project which is being advertised as NEWIODA. Mr. Pramod Kumar Upadhyay, Secretary of UP RERA, said that an investigation has uncovered that a promoter, known as “Sarvottam World,” has been advertising a real estate project named “Megapolis, Sarvottam Megapolis” in a high-tech township called “Newoida.”
This advertisement is being extensively broadcasted and promoted across all media platforms including newspapers, radio, digital, and more. It is crucial to inform and alert you that this advertisement is “completely misleading and deceptive.” None of the projects described in the advertisement are registered with RERA.
The advertisement lists three registration numbers – UPRERAPRJ10825, UPRERAPRJ10851, and UPRERAPRJ11033 under the names of other promoters, M/S Uttam Steel and Associates (Consortium) and Ansal High-Tech Township Ltd. More than a decade ago, Ansal API had launched a project by name of Ansal Sushant Megapolis, which was advertised as a hi-tech township spread over 2500 acres. The project came to a grinding halt dude to illegalities of the developer and innocent buyers are still waiting for justice.
Such advertisements by the promoter are a violation of the provisions of the RERA Act. Such advertisements convey a negative message to the stakeholders in the real estate sector and raise the possibility of fraud against buyers. The promoter’s actions are punishable under the RERA Act of 2016, and appropriate action is being taken to ensure compliance.
This measure aims to protect the interests of all stakeholders in the real estate sector. RERA is committed to the regulation and development of the real estate sector in the state. In this regard, RERA appeals to potential and prospective buyers in the real estate sector to visit the site and verify the registered number with RERA for any information related to the project.