PATNA: The Bihar Real Estate Regulatory Authority (BRERA) has enforced stringent measures against three private developers for breaching RERA regulations. This decisive action arose following an influx of written complaints from more than a dozen homebuyers. Officials revealed that the involved real estate firms—Arunendra Developers Pvt Ltd, Shiba Welcome Pvt Ltd, and Green Vatika Homes Pvt Ltd—had indeed violated the established RERA protocols. Consequently, the authority imposed severe repercussions against these companies last week.
Buyers' Concerns-
Commenting on the situation, homebuyer Ravindra Kumar Sinha expressed, "We paid 80% to 90% of the total cost of our apartment, but the developer didn’t complete construction on time. We believe that the developer has three or four projects underway and has invested our money in other projects."
BRERA Officials' Remarks-
In response to the complaints filed by homebuyers, the violations were uncovered during a hearing session. In light of these findings, the authority took the significant step of freezing the bank accounts of company executives, including directors.
Furthermore, BRERA has mandated that these developers submit comprehensive details regarding their financial transactions, investments, and expenditures associated with certain projects launched in Bihar. Additionally, they are prohibited from selling any residential apartments until further orders are issued.
The authority's actions include freezing the bank accounts of Arunendra builders’ directors: Chandan Kumar, Pankaj Kumar, and Upendra Mandal. A ban has also been placed on the sale of residential units related to their projects in Phulwari Sharif, Danapur-1 enclave, and other regions of Bihar.
In similar fashion, BRERA has restricted or frozen the bank accounts of the directors of Shiba Welcome Builders, namely Amina Rashid and Khalid Rashid. They are also banned from selling residential units within the Rajeshwar Apartment Project.
The upcoming hearings regarding Arunendra developers and Green Vatika Homes are scheduled for April 16, while Shiba Welcome Builders' hearing is set for May 10.