Haryana RERA seizes security deposits of six developers for violating registry rules
GURUGRAM: 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.
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