Rs 5 crore penalty imposed on realtor

| | Gururgram
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Rs 5 crore penalty imposed on realtor

Wednesday, 10 July 2024 | Parvesh Sharma | Gururgram

The Real Estate Regulatory Authority (RERA), Gurugram, has imposed a heavy penalty of Rs 5 crore on city-based real estate promoter M/s Vatika Limited for a serious violation of Section 3 (1) of the Real Estate (Regulation and Development) Act 2016.

The Authority observed that M/s Vatika Limited obtained a licence for its residential real estate project M/s Vatika India Next way back in 2013 from the Town and Country Planning (TCP) Department of Haryana and the promoter had to apply for RERA registration within three months of the notification of the Act in the state in 2017.

The Authority said that Vatika Limited applied for the RERA registration five years after the Haryana notification in 2022 after RERA took a suo motu action in the matter.

Arun Kumar, Chairman of RERA Gurugram, said, “It was an ongoing project, and the promoter should have applied for the RERA registration well on time to avoid penalties.

RERA registration is mandatory for all on-going real estate projects where competition certificates were not issued before the Act came into force in 2016.”

Section 3 (1) of the Act 2016 says, “No promoter shall advertise, market, book, sell or offer for sale or invite persons to purchase in the any manner any plot, apartment, or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under the Act.”

Thereafter, once the promoter submitted all the mandatory approvals for registration of the project, the Authority approved the registration of the project. Further, the Authority also concluded the penal proceeding for violation of Section 3 which is a punishable offence u/s 59 of the Act 2016 and imposed a penalty of Rs 5 crore. Parvesh Sharma n Gururgram

 

The Real Estate Regulatory Authority (RERA), Gurugram, has imposed a heavy penalty of Rs 5 crore on city-based real estate promoter M/s Vatika Limited for a serious violation of Section 3 (1) of the Real Estate (Regulation and Development) Act 2016.

The Authority observed that M/s Vatika Limited obtained a licence for its residential real estate project M/s Vatika India Next way back in 2013 from the Town and Country Planning (TCP) Department of Haryana and the promoter had to apply for RERA registration within three months of the notification of the Act in the state in 2017.

The Authority said that Vatika Limited applied for the RERA registration five years after the Haryana notification in 2022 after RERA took a suo motu action in the matter.

Arun Kumar, Chairman of RERA Gurugram, said, “It was an ongoing project, and the promoter should have applied for the RERA registration well on time to avoid penalties.

RERA registration is mandatory for all on-going real estate projects where competition certificates were not issued before the Act came into force in 2016.”

Section 3 (1) of the Act 2016 says, “No promoter shall advertise, market, book, sell or offer for sale or invite persons to purchase in the any manner any plot, apartment, or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under the Act.”

Thereafter, once the promoter submitted all the mandatory approvals for registration of the project, the Authority approved the registration of the project. Further, the Authority also concluded the penal proceeding for violation of Section 3 which is a punishable offence u/s 59 of the Act 2016 and imposed a penalty of Rs 5 crore.

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