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.
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.
