UP RERA slaps Rs 1.40 cr penalty on nine promoters

The Uttar Pradesh Real Estate Regulatory Authority (RERA) has slapped a penalty of over Rs 1.40 crore on more than half a dozen project promoters over non-compliance of its orders, officials said.

The action was taken against nine promoters during the 84th meeting of UP RERA under the chairmanship of Rajive Kumar on February 11, according to the officials.

The penalised promoters are AIMS Promoters, Wave Mega City Centre, Ansal Housing and Ansal Properties and Infrastructure, Antriksh Realtech, AVP Realty, ATS Realty, Krishna Estate Developers, Ratan Buildtech and Redicon Infrastructure and Housing, UP RERA said in a statement.

The Authority noted with displeasure that some of the promoters have indulged in non-compliance of its orders, despite the Authority granting them sufficient time for the same, it said.

“The Authority is making constant efforts to ensure enforcement of its orders and provide speedy justice to the agreed allottees. The action of penalty against the guilty promoters is an important step towards compelling them to comply with the orders of the Authority,” it added.

The RERA said it used its powers under section 38/63 of the RERA Act, which empowers it to penalise the non-compliant promoters with up to 5 per cent of the cost of the project, to impose penalty against the promoters.

It further directed the promoters to submit the compliance report of its 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.

UP RERA chairman Rajive Kumar said the Authority is continuously taking strict decisions against the insensitive promoters for protection of the interests of the home buyers.

“The Authority is fully committed to protect the interests of home buyers and, for this the Authority is taking all possible steps to regulate the real estate sector of the state according to the RERA Act,” Kumar added.