Haryana RERA Confiscates Security Deposits From Six Developers for Breaching Registry Regulations

                Gurgaon: Haryana Real Estate Regulatory 
Authority (HRera) has seized security deposits 
worth Rs 2.25 crore from six promoters for 
failing to comply with registration conditions.
In a major crackdown on errant developers, the 
authority in the city also imposed penalties of 
Rs 25 lakh each on two promoters for not 
adhering to project timelines, as mandated 
under Section 4(2)(l)(C) of the Real Estate 
(Regulation and Development) Act, 2016.
The authority has warned that strict action will 
continue against developers who fail to meet 
their commitments.
Despite the penalties, the Rera registration 
certificates for the affected promoters remain 
valid, though with revised project timelines.
An HRera official said on Tuesday, "Timely 
completion of real estate projects is essential 
to maintaining consumer trust in the real 
estate sector. Developers must adhere to their 
commitments, or they will face stringent 
penalties."
For homebuyers, HRera actions serve as 
reassurance that regulatory bodies are taking 
steps to hold developers accountable.
Experts believe such penalties will deter 
developers from delaying projects and 
encourage compliance with regulations.
Section 4(2)(l)(C) of the RERA Act requires 
developers to submit an application for 
registration, clearly specifying the timeline for 
project completion.
Any deviation from this timeline without due 
approval is considered a violation, subjecting 
the developers to penalties.
HRera emphasised that these actions are 
aimed at ensuring accountability and 
protecting homebuyers from indefinite project 
delays. HRera's Gurgaon office has been 
actively 
monitoring real estate projects to prevent 
delays and ensure that homebuyers receive 
their properties within the promised timeframe.
The decision to forfeit security deposits linked 
to delayed projects and impose penalties is 
seen as part of the real estate authority's 
broader effort to enforce discipline in the 
sector.
Homebuyers have often raised concerns about 
stalled projects and delays, which lead to 
financial burden and emotional distress.
For developers, the penalties for failing to 
adhere to timelines and agreements highlight 
the need for stricter planning and execution of 
projects.
The real estate sector has faced challenges in 
meeting deadlines due to factors such as 
financial constraints and irregularities, 
regulatory approvals and market fluctuations.
Gurgaon: Haryana Real Estate Regulatory 
Authority (HRera) has seized security deposits 
worth Rs 2.25 crore from six promoters for 
failing to comply with registration conditions.
In a major crackdown on errant developers, the 
authority in the city also imposed penalties of 
Rs 25 lakh each on two promoters for not 
adhering to project timelines, as mandated 
under Section 4(2)(l)(C) of the Real Estate 
(Regulation and Development) Act, 2016.
The authority has warned that strict action will 
continue against developers who fail to meet 
their commitments.
Despite the penalties, the Rera registration 
certificates for the affected promoters remain 
valid, though with revised project timelines.
An HRera official said on Tuesday, "Timely 
completion of real estate projects is essential 
to maintaining consumer trust in the real 
estate sector. Developers must adhere to their 
commitments, or they will face stringent 
penalties."
For homebuyers, HRera actions serve as 
reassurance that regulatory bodies are taking 
steps to hold developers accountable.
Experts believe such penalties will deter 
developers from delaying projects and 
encourage compliance with regulations.
Section 4(2)(l)(C) of the RERA Act requires 
developers to submit an application for 
registration, clearly specifying the timeline for 
project completion.
Any deviation from this timeline without due 
approval is considered a violation, subjecting 
the developers to penalties.
HRera emphasised that these actions are 
aimed at ensuring accountability and 
protecting homebuyers from indefinite project 
delays. HRera's Gurgaon office has been 
actively 
monitoring real estate projects to prevent 
delays and ensure that homebuyers receive 
their properties within the promised timeframe.
The decision to forfeit security deposits linked 
to delayed projects and impose penalties is 
seen as part of the real estate authority's 
broader effort to enforce discipline in the 
sector.
Homebuyers have often raised concerns about 
stalled projects and delays, which lead to 
financial burden and emotional distress.
For developers, the penalties for failing to 
adhere to timelines and agreements highlight 
the need for stricter planning and execution of 
projects.
The real estate sector has faced challenges in 
meeting deadlines due to factors such as 
financial constraints and irregularities, 
regulatory approvals and market fluctuations.


Source : Times of India