Uttar Pradesh RERA has imposed a total fine of more than Rs 1.39 crore on 13 property developers for failing to comply with its orders. This is part of the authority’s efforts to ensure the execution of its orders and bring justice quickly to aggrieved beneficiaries.
At its 104th meeting held under the chairmanship of Rajive Kumar on September 23, UP RERA reviewed the status of promoters’ compliance with its orders and issued the directive. The Authority said the sanction action against the guilty developers is an important step to compel them to comply with the Authority’s orders.
UP RERA said it decided to impose an appropriate sanction on the promoters to ensure compliance with its orders and protect the interests of buyers. It used the powers of article 38/63 of the RERA law, which empowers it to penalize non-compliant developers up to 5% of the cost of the project.
Subsequently, the Authority decided to impose sanctions on the developers including SRB Promoters Pvt Ltd, Gardenia India Promoters Pvt Ltd, Earthcon Construction Pvt Ltd, Aura Buildewell Pvt Ltd and AIMS Golf Town Developers Pvt Ltd.
Recently, the Haryana Real Estate Regulatory Authority (RERA) halted the sale of two projects to Gurugram – Neo Square and Zen Residence 1 – because their developers failed to produce the required documents to register them with the Authority. , a YOU report says. He added that show cause notices were served for both projects.
In the Zen 1 residence in sector 70A, the Rera noticed total neglect. Its one-year extension period has already expired and a large number of documents have not yet been submitted. RERA also forced its promoter not to engage in any sales under the project.
The Haryana RERA registration and license, to date, of the Neo Square business project booth has expired, according to the report.
In another case, the Maharashtra Real Estate Regulatory Authority (RERA) has authorized a developer, Turf Estate Joint Venture, to deregister a housing project. He said there was no provision in the RERA law to force the project to be completed when the developer had expressed an inability to complete it.
Turf Estate Joint Venture LLP was developing the project, DB Turf View, in South Mumbai. He also refunded the money with interest to two-thirds of the buyers. Five buyers had denied accepting the refund and disputed the same.
According to a joint report by real estate consultant CBRE and industry body CII, unprecedented sales and launch momentum were seen in the first half of 2022. Real estate prices rose in most micro-markets and in all segments due to record sales and promoter decision. pass on higher construction costs to buyers. He said, however, that monetary tightening by the RBI to control inflation could increase financing costs.
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