HRERA imposes Rs 30 lakh fine on real estate firm
28 March 2018 5:06 AM IST
Gurugram: Haryana real estate regulatory act (HRERA) has imposed a fine of Rs 30 lakhs on a real estate company. The penalty was imposed after it came to notice of the regulator that the real estate company had issued the advertisements of its new project without the registration.
As per the act, it is important to register the project with regulator before advertising about it. The company meanwhile has been asked to deposit the amount in the span of 15 days.
The project is a joint collaboration between the Indian and Japanese group. There are over 100 complaints that are being undertaken by HRERA. After RERA was passed by the Central government in May last year, the Haryana government passed HRERA in July last year
Even though the dislike of the diluted form of RERA was already voiced by thousands of homebuyers two months ago when the draft of HRERA was first brought out, there were no amendments done in the act.
According to government sources, more than 2000 recommendation from the citizens were sought on the improvement in HRERA act.
Affected by the downturn in real estate business for long, the challenge is not only to have occupancy in over 50,000 residential units but also to provide possession to thousands of homebuyers.
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