Real Estate Sector: Real estate regulator Rera has imposed a fine of about Rs 1.24 crore on 11 real estate companies of Uttar Pradesh. Actually these companies were not following the rules of RERA. RERA said that it has imposed a fine of Rs 1.24 crore on 11 companies for not complying with their orders.
The decision was taken in the 59th meeting chaired by Uttar Pradesh RERA Chairman Rajiv Kumar. According to the statement, the fine has been imposed under Section 63 of the RERA Act. Acting on those who disobey the rules, it has been said that the builders will have to pay the fine amount as soon as possible, or appropriate action will be taken.
Deposit penalty in 1 month
This provision applies when the promoter or developer fails to comply with the authority’s order. “The authority directs these promoters to ensure compliance with its order and to deposit the amount of the fine within a month,” said Rera. Failure to do so will result in the recovery of penalty in the form of land revenue dues. ”
In a separate statement, Uttar Pradesh Rera said that it has decided to cancel the registration of Ansal API Pocket 4, the projector O Sushant Golf City project, with immediate effect. Under this project, this step has been taken on the basis of other reasons including irregularities in the sale of units, fraudulent business activities, misappropriation of funds and no work on the project for the last nine years.
The penalty of 10% of the total cost
In fact, most of the builders take money from the allottees and spend it in other work. When the allottee asks for his residence, the builders keep shoving him. In view of this problem, a provision has been made that the builder will spend 70 percent of the money received from the allottees only in that project. It is mandatory for every builder in the country to register in RERA. At the same time, before starting the project, his budget also has to be mentioned. According to the promise of the project, if the allottee does not get the accommodation in time, then the allottee’s complaint can be fined. Which is 10 percent of the total cost of that project.
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