The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has imposed Rs 1.4 crore penalty against nine developers for not complying with its order.
UP RERA, in its 84th meeting reviewed the status of compliance of its orders by the promoters.
The penalty has been imposed against AIMS Promoters Pvt ltd, Wave Mega City Centre Pvt ltd, Ansal Housing Ltd and Ansal Properties & Infrastructure Ltd, Antriksh Realtech Pvt. Ltd, AVP Realty Pvt. Ltd, ATS Realty Pvt. Ltd, Krishna Estate Developers Pvt. Ltd, Ratan Buildtech Pvt. Ltd and Redicon Infrastructure & Housing Pvt. Ltd.
“Uttar Pradesh RERA is continuously taking strict decisions against the insensitive promoters for protection of the interests of the home buyers. The Authority is fully committed to protect the interests of home buyers and, for this, the Authority is taking all possible steps to regulate the real estate sector of the state according to the RERA Act,” said Rajive Kumar, Chairman, U.P. RERA.
The authority noted with displeasure that some of the promoters have indulged in non-compliance of its orders besides the authority granting them sufficient time for the same. The authority is making constant efforts to ensure enforcement of its orders and provide speedy justice to the agreed allottees. The action of penalty against the guilty promoters is an important step towards compelling them to comply with the orders of the Authority.
Taking the above facts in to account, the authority decided to impose an appropriate penalty against the promoters to ensure compliance of its orders and protect the interests of the home buyers.
The Authority, using its powers under section 38/63 of the RERA Act which empowers it to penalise the non-compliant promoters with up to 5% of the cost of the project, decided to impose penalty against the promoters as per the details given below:
The Authority further directed the promoters to submit the compliance report of its orders within 15 days and deposit the amount of penalty within 30 days, otherwise the amount of penalty shall be recovered as arrears of land revenue.
