RERA imposes penalty of Rs 25 lakh each on five builders
Gurugram, Dec 22 (IANS) The real estate regulatory authority (RERA), Gurugram, has imposed a penalty of Rs 25 lakh each on five builders for failing to complete the projects within their respective declared timelines which violates the provisions of the RERA Act 2016.
The authority has imposed a penalty of Rs 25 lakh on Identity Buildtech Private Limited for not completing Ansal Highland Park project at Sector 103 within the declared timeline of June 2022 and moved a fresh application with the authority seeking time till May 2024, now, to complete the project.
Similarly, a penalty of Rs 25 lakh has been imposed on the promoter of BPTP Limited for not completing Park Terra project at Sector 37-D, which had to be completed by April 2022.
Promoter of Advance India Projects Limited has also been imposed with a penalty of Rs 25 lakh for failing to complete the construction of Zen Residences -a 1group housing project at Sector 70-A.
Meanwhile, a penalty of Rs 25 lakh has been imposed on promoter KLJ Realtech Private Limited for a similar violation of Section 4 (2)(l)(C) for not completing the construction of its commercial project KLJ Square (NYSE: SQ ) at Sector 83 within the declared timeline of June 2021.
While allowing the RERA registration to remain in force for promoter Spaze Towers Private Limited for its project Ishan Singh Commercial at Sector 78 till December 2025, the authority has imposed a penalty of Rs 25 lakh on the promoter. The project was to be completed by 2020 end by the promoter but it failed.
Under the Section 4(2)(l)(C) of the Real Estate (Regulation and Development) Act of 2016, a builder/promoter has to move an application with the authority to seek RERA registration and file an undertaking declaring a timeline to complete the project.
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