Rera Forfeits ₹7cr Security Deposits Of 20 Builders

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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 clearances that they had to adhere mandatorily within the time specified in the conditional registrations,” said the regulator, adding it was clearly mentioned in the certificates that the security amounts shall be forfeited if respective conditions are not fulfilled by promoters within the stipulated time mentioned in the conditions.

“It is worth noting that Act 2016 makes it mandatory for promoters to obtain RC from the authority without which they cannot advertise and execute bookings. The authority has to ensure every stakeholder must comply with it for a better and transparent functioning,” order said.

Source:- The Times of India 

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