At its 84th meeting, UP RERA discussed the status of compliance of its orders implementation by the developers. The Authority (UP RERA) fined nine developers Rs 1.4 crore for failing to comply with their order.
The penalty or fine were imposed on Antriksh Realtech Pvt. Ltd, Wave MegaCity Center Pvt ltd, AIMS Promoters Pvt ltd, Ansal Properties & Infrastructure Ltd, AVP Realty Pvt. Ltd, ATS Realty SA Ltd, Krishna Estate Developers Pvt. Ltd, Radicon Infrastructure and Housing Pvt. ltd, and Ratan Buildtech Pvt. Ltd and.
The authorities noted with annoyance that some developers did not follow their orders, however the authorities gave them enough time to do so. The authorities are constantly striving to ensure that their orders are carried out and providing justice to allottees as soon as possible. Punishing guilty promoters is an important step toward getting them to comply with authority orders.
Taking into account the above facts, the authorities have decided to apply appropriate penalties to builders to ensure that their requests are met and the interests of home buyers are protected.
The Authority, exercising its powers in accordance with section 38/63 of the RERA Act. This law gave the right to punish incompatible promoters up to 5% of the cost of the project and decided to impose a penalty against the promoters.
Rajiv Kumar, Chairman, at UP RERA said, “Uttar Pradesh RERA constantly makes tough decisions against ruthless developers to protect the interests of homebuyers. The authority fully committed to safeguarding the interests of home buyers. The regulator takes every possible measure to regulate the real estate sector in the state according to RERA law.”