Business

UP RERA imposes ₹1.39 cr penalty on real estate promoters. Know why

The Uttar Pradesh Real Estate Regulatory Authority (RERA) on Friday imposed a penalty of 1.39 crore on more than 12 real estate promoters for non-compliance with its orders. The decision was taken at the 104th meeting of the UP RERA under the chairmanship of Rajive Kumar, according to the news agency PTI.

“Some promoters have indulged in non-compliance of our orders despite the authority granting them sufficient time for the same,” the UP RERA noted with ‘displeasure’ in an official statement.

It said that the authority is constantly making efforts to ensure enforcement of its orders and provide justice to the aggrieved allottees at the earliest. According to the UP RERA, the penalty action is an important step against the guilty promoters to comply with the orders of the authority.

Taking into consideration the above facts, it has also decided to impose an appropriate penalty against the promoters to ensure compliance with its orders and protect the interests of the home buyers, as per PTI reports.

The total amount of penalties was 1.39 crore, in which the entities that face penalties are SRB Promoters of 22.54 lakh, Gardenia India charged with 30.90 lakh, AIMS Golf Town Developers with 6.50 lakh, MV Infrastructures and Housing ( 10.40 lakh), Elegant Infracon ( 7.90 lakh), Redicon Infrastructures ( 7.95 lakh), Decent Buildwell ( 6.82 lakh), Uttam Steel and Associate (Consortium) ( 1.99 lakh), JSS Buildcon ( 8.43 lakh), Earthcon Construction ( 6.25 lakh), Opulent Infradevelopers ( 6.89 lakh), Aura Buildwell ( 11.38 lakh), and Green Bay Infrastructures ( 11.46 lakh), it added.

All these promoters have been directed to submit the compliance report of the authority’s orders within 15 days and deposit the amount of penalty within 30 days, otherwise, the amount of penalty shall be recovered as arrears of land revenue.

(With PTI inputs)

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