RERA Cracks Down on Vatika Ltd, Imposes Rs 5 Crore Penalty for Non-Compliance
The Real Estate Regulatory Authority (RERA), Gurugram, has imposed a hefty fine of Rs 5 crore on Vatika Limited for violating Section 3 (1) of the Real Estate (Regulation and Development) Act 2016.
ReraReal EstateVatika LimitedPenaltyNon ComplianceReal Estate NewsJul 09, 2024
Vatika Limited had launched its Vatika India Next residential project in 2013, but failed to register the project with RERA within the stipulated three months after the Act was notified in Haryana in 2017. Despite RERA's intervention in 2022, the promoter delayed registration, which was deemed a serious violation of the Act.
RERA mandates registration for all ongoing projects initiated before the Act came into effect. The authority observed that Vatika obtained a license for its residential real estate project Vatika India Next in 2013 from the Town and Country Planning (TCP) Department of Haryana. However, the promoter failed to apply for RERA registration within the required timeframe.
Arun Kumar, Chairman of RERA Gurugram, emphasized that RERA registration is mandatory for all ongoing real estate projects where completion certificates were not issued before the Act came into force in 2016. He stated that the promoter should have applied for RERA registration in a timely manner to avoid penalties.
Section 3 (1) of the Act 2016 clearly states that no promoter shall advertise, market, book, sell, or offer for sale any plot, apartment, or building without registering the real estate project with the Real Estate Regulatory Authority established under the Act.
After submitting all mandatory approvals for registration of the project, the authority approved the registration of the project. However, the authority also concluded penal proceedings for violation of Section 3, which is a punishable offense under Section 59 of the Act 2016, and imposed a penalty of Rs 5 crore on Vatika Limited.
Information
Vatika Limited is a well-established real estate developer in the National Capital Region (NCR), with a presence in Gurgaon, Sohna, and other areas. The company has developed several residential and commercial projects in the region.
RERA, or the Real Estate Regulatory Authority, is a statutory body established under the Real Estate (Regulation and Development) Act 2016 to regulate the real estate sector in India. The authority aims to protect the interests of homebuyers and ensure that developers comply with the provisions of the Act.
Frequently Asked Questions
What is the penalty imposed on Vatika Limited?
Vatika Limited has been imposed a penalty of Rs 5 crore by RERA for violating Section 3 (1) of the Real Estate (Regulation and Development) Act 2016.
What was the violation committed by Vatika Limited?
Vatika Limited failed to register its Vatika India Next residential project with RERA within the stipulated three months after the Act was notified in Haryana in 2017.
What is the purpose of RERA registration?
RERA registration is mandatory for all ongoing real estate projects where completion certificates were not issued before the Act came into force in 2016, to ensure transparency and accountability in the real estate sector.
What is the consequence of non-compliance with RERA regulations?
Non-compliance with RERA regulations can lead to penal proceedings and imposition of fines, as seen in the case of Vatika Limited.
What is the role of RERA in the real estate sector?
RERA aims to regulate the real estate sector in India, protect the interests of homebuyers, and ensure that developers comply with the provisions of the Act.
Related News Articles
Unlocking Opportunities in the Real Estate Insurance Market: Trends, Insights, and Projections
Discover the latest trends, challenges, and opportunities in the real estate insurance market, featuring key players, regional analysis, and market segmentation.
Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Haryana and Jammu & Kashmir Assembly Election Dates Announced by EC; Results to be Declared on October 4
The Election Commission of India has announced the dates for the Haryana and Jammu & Kashmir assembly elections. The polls will be held in a single phase on October 21, and the results will be declared on October 4.
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Virgo Daily Horoscope for September 14, 2024: A Temporary Setback in Assets and Real Estate Deals
Be cautious with real estate deals today, as a temporary decline in assets may occur. However, this setback will be short-lived.
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr