Haryana Real Estate Authority Imposes Hefty Penalty on 1000 Trees Housing Pvt Ltd
The Haryana Real Estate Regulatory Authority (HRERA) in Gurugram has fined M/s 1000 Trees Housing Pvt Ltd a whopping INR 1.5 crore for failing to register its project despite receiving the necessary licence 12 years ago.
Haryana Real Estate AuthorityHreraReal Estate Regulatory Authority1000 Trees Housing Pvt LtdReal Estate SectorReal EstateAug 26, 2024
The penalty was applied after a thorough review of the promoter's application, which was submitted to seek registration for the project with the aim of completing construction and delivering residential units to homebuyers. The regulatory review found that the project had not been registered in accordance with the stipulated regulations.
As per HRERA's regulations, it is mandatory for a promoter to register their project with the authority before creating any third-party rights or initiating advertisements, once they have obtained the requisite licence from the experienced authority. This requirement is designed to ensure transparency and protect the interests of homebuyers.
Despite the imposition of the penalty, HRERA has conditionally approved the project, subject to the payment of both the late fees and the imposed penalty. The HRERA order specifically mentioned that the penalty of INR 1.5 crore was imposed under Section 59 of the Act due to the ongoing project's non-registration.
This step underscores the authority's commitment to enforcing compliance and maintaining regulatory standards within the real estate sector. The penalty imposed by HRERA highlights the critical importance of adhering to regulatory requirements in the real estate sector.
By enforcing the INR 1.5 crore fine for non-registration, HRERA aims to uphold transparency and protect home buyers' interests. The conditional approval of the project highlights HRERA's balanced approach, allowing the project to proceed once agreement conditions are met.
This action reinforces the need for real estate promoters to follow regulatory procedures diligently, ensuring that projects are managed responsibly and in accordance with legal standards.
Information
The Haryana Real Estate Regulatory Authority (HRERA) was established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Haryana. The authority is responsible for ensuring transparency, accountability, and fairness in the sector.
Frequently Asked Questions
What is the penalty imposed by HRERA on 1000 Trees Housing Pvt Ltd?
The penalty imposed by HRERA on 1000 Trees Housing Pvt Ltd is INR 1.5 crore.
Why was the penalty imposed?
The penalty was imposed due to the company's failure to register its project despite having received the necessary licence 12 years ago.
What is the condition for the project's approval?
The project has been conditionally approved subject to the payment of both the late fees and the imposed penalty.
What is the purpose of HRERA's regulations?
The purpose of HRERA's regulations is to ensure transparency and protect the interests of homebuyers.
What is the impact of the penalty on the real estate sector?
The penalty imposed by HRERA highlights the critical importance of adhering to regulatory requirements in the real estate sector and reinforces the need for real estate promoters to follow regulatory procedures diligently.
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