Updated March 23rd, 2024 at 19:28 IST

Haryana RERA imposes penalties on builders for non-compliance

The total security deposits forfeited from these 20 real estate promoters amounted to Rs 7 crore.

Reported by: Business Desk
Real estate | Image:Pexels
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The Haryana Real Estate Regulatory Authority (RERA) has taken strict action against 20 city-based builders for their failure to comply with registration norms, resulting in the forfeiture of security deposits totalling approximately Rs 7 crore, according to an official statement released on Saturday.

These real estate promoters were granted conditional project registration certificates by RERA. However, they were unable to fulfil the specified conditions within the prescribed timeframe, leading to regulatory violations, as stated in the RERA (Gurgaon) order.

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The order further clarified that, in accordance with the terms outlined in the registration certificates, the security deposits provided by the promoters as a guarantee for timely submission of required documents are now being forfeited.

The total security deposits forfeited from these 20 real estate promoters amounted to Rs 7 crore. "The registration certificates explicitly stated that the security amounts would be forfeited if the respective conditions were not met by the promoters within the specified time period," the order stressed.

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The action by Haryana RERA reinforces the regulatory body's commitment to enforcing compliance with registration norms within the real estate sector, thereby ensuring transparency and accountability among builders and developers.

(With PTI inputs)
 

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Published March 23rd, 2024 at 19:28 IST