Mar 25, 2024 05:12 AM IST

A statement issued by HRERA Gururgam said that action has been initiated against twenty such promoters and their collective security deposit amounts to ₹7 crore

The Gurugram bench of the Haryana Real Estate Regulatory Authority (HRERA) has taken action against 20 developers for violating norms and seized an amount of 7 crore, which they had deposited as security. HRERA Gurugram said that the developers had been granted conditional registration and asked to comply with norms but they did not meet these and action was taken.

Stay updated! Join our Email Newsletter for exclusive Articles, updates, and announcements.

Join our Email Newsletter
The Gurugram bench of the Haryana Real Estate Regulatory Authority (HRERA) has taken action against 20 developers for violating norms and seized their security deposit. (Parveen Kumar/HT PHOTO)

The action against the developers was taken on Friday, said HRERA officials.

“The promoters failed to submit the required documents within the stipulated time. So, as per the conditions of the registration certificates the security amounts, deposited by the promoters in lieu of the timely submission of the required documents, are being forfeited,” the authority said in its order.

A statement issued by HRERA Gururgam said that action has been initiated against twenty such promoters and their collective security deposit amounts to 7 crore.

“These promoters were granted conditional registrations on their own requests and they deposited security amounts in lieu of submissions of requisite clearances that they had to adhere to mandatorily within the time specified in the conditional registrations. It was clearly mentioned in the registration certificates that the security amounts shall be forfeited in case the respective conditions are not fulfilled by the promoters within the stipulated time period mentioned in the conditions,” said the order, adding that the amounts have been forfeited for violation of rules.

A senior HRERA official said that action had been taken after several hearings were held and notices were issued to these builders. The promoters had applied for registrations of their individual projects under section 4 of the RERA Act and after due consideration the authority granted them conditional RCs.

“It is worth noting that RERA Act 2016 makes it mandatory for promoters to obtain registration from the authority without which promoters cannot advertise and execute bookings,” the authority said.

Stay updated! Join our Email Newsletter for exclusive Articles, updates, and announcements.

Join our Email Newsletter
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments