The real estate regulatory authority (RERA), Gurugram, has fined five builders Rs 25 lakh each for failing to finish projects within their respective set schedules, in violation of the RERA Act 2016.
Identity Buildtech Private Limited was fined Rs 25 lakh for failing to complete the Ansal Highland Park project in Sector 103 by the deadline of June 2022, and the company has filed a new application with the regulator, requesting an extension until May 2024.
Similarly, a Rs 25 lakh penalty has been levied on the promoter of BPTP Limited for failing to finish the Park Terra project at Sector 37-D by April 2022. Advance India Projects Limited's promoter has also been fined Rs 25 lakh for failing to complete the development of Zen Residences, a 1group housing project in Sector 70-A.
Meanwhile, promoter KLJ Realtech Private Limited has been fined Rs 25 lakh for a similar breach of Section 4 (2)(l)(C) for failing to complete the building of its commercial project KLJ Square in Sector 83 by the deadline of June 2021.
While permitting promoter Spaze Towers Private Limited's RERA registration for its project Ishan Singh Commercial in Sector 78 to stay in effect till December 2025, the authority slapped a Rs 25 lakh penalty on the promoter. The promoter expected the project to be completed by the end of 2020, but it did not.
A builder/promoter must make an application with the authority to seek RERA registration and an undertaking setting a deadline to complete the project under Section 4(2)(l)(C) of the Real Estate (Regulation and Development) Act of 2016.
© 2023 Rera News. All rights reserved.