UP RERA Imposes Penalties on Non-Compliant Developers
During its 84th meeting, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) meticulously reviewed the compliance status of its orders by developers. Subsequently, the Authority levied a substantial penalty of Rs 1.4 crore on nine developers for their failure to adhere to the directives issued.
Developers Facing Penalties
The developers facing these penalties include 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.
UP RERA's Commitment to Compliance
The Authority expressed its displeasure regarding the non-compliance exhibited by certain developers despite being granted ample opportunity rectify the situation. UP RERA emphasized its unwavering commitment to ensuring the enforcement of its orders and delivering timely justice to allottees. Imposing penalties upon erring promoters is deemed a critical step to compel compliance with the Authority's directives. The Uttar Pradesh Real Estate Regulatory Authority is steadfast in its pursuit of upholding the rights of homebuyers and maintaining the integrity of the real estate sector.
Protecting Homebuyer Interests
Considering these factors, the Authority decided to levy appropriate penalties on the builders to secure compliance with their obligations and protect the interests of homebuyers. They exercised the powers vested in them under section 38/63 of the RERA Act, which grants them the authority to penalize non-compliant promoters up to 5% of the project cost.
UP RERA Chairman's Statement
Rajiv Kumar, Chairman of UP RERA, stated, “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.”