Rera Forfeits ₹7cr Security Deposits Of 20 Builders
Gurgaon: As per Times of India Article The Haryana Real Estate Regulatory Authority (H-Rera) came heavily on developers by forfeiting security deposits of 20 of them for not complying with the conditions of registration certificates. The authority said these developers had been granted project registration certificates (RCs) with riders but they failed to follow the conditions within the stipulated time, amounting to violations. Therefore, it said, their security deposits have been forfeited. “As the developers failed to submit the documents within the stipulated time as per the conditions of registration certificates, the security amounts deposited by the promoters in lieu of the timely submissions of the required papers are being forfeited,” the authority said in its order. The regulator has forfeited security deposits worth Rs 7 crore. “These promoters were granted conditional registrations on their own requests and they deposited security amounts in lieu of submissions of requisite