HARERA cracks down on builders for misleading homebuyers; fines Emaar India, Vatika and others

new delhi: The Haryana Real Estate Regulatory Authority (HARERA), Gurugram, has now directed the promoters of real estate companies to provide information pertaining to the plan, specifications and timeline of their residential projects to the homebuyers.

The Public agency has warned that failure to comply with the orders would result in strict action initiated against the promoter of the real estate company that is executing their projects in the city.

In nearly 35 matters pertaining to various promoters of real estate companies, an order had been passed directing the promoters and the senior management of various real big real estate firms to appear before the mediation centre so that there is proper redressal of complaints of the homebuyers and investors. The settlement amount could be as high as Rs 150 crore.

HARERA had recently pulled up the senior management of Emaar India, JMD and Vatika developers for not providing the requisite information to the homebuyers and the investors who have put in huge amounts of money in their existing projects. Emaar India was fined

Rs 2 crore.

Likewise, a heavy fine was also levied on Vatika builders Anjali Promoters and Development Pvt. Ltd. for unnecessary delay in filing replies to the complaint filed against them. Citing how homebuyers and investors are constantly harassed it was observed that when the homebuyer contacted the promoters or their representatives for the information, it was either not provided or was incomplete.