Madhya Pradesh Real Estate Regulatory Authority (RERA), has taken the decision to suspend Bhopal’s CBD project Srishti CBD of promoter Deepmala Infrastructure Private Limited Gammon House, Mumbai with immediate effect. The promoter can only undertake construction and development work.
The Authority took this decision as even after giving information to the promoter several times the project has not been present for regular review and due to non-submission of quarterly report.
During the suspension period of the project, acquiring money for new bookings in the project and issuing new advertisement will be prohibited. As the project is incomplete, the execution of sale of property without prior permission from RERA has also been banned. The promoter may undertake construction and development work as this is also essential.
RERA had issued notices several times to the promoter to be present with a representative for regular review of the project, but no responsible person was present on behalf of the promoter. In a review of the quarterly report available on-line in the project by the Authority, it was found that previous quarterly reports had not been submitted. This rigorous action has been taken due to the promoter’s disregard for notices and directives of RERA.
