GURUGRAM: The Haryana real estate regulatory(HARYANA RERA) said ILD Millennium is liable to pay a sanction which may increase up to 5 percent of the project cost for not delivering housing units to homebuyers or investors on time.
The Gurugram seat of the HARYANA RERA (Haryana real estate regulatory authority) observed that the builders or developer has failed to complete their project on time ILD Green group housing project in Sector 37C, Gurugram, despite its repeated orders in the circumstances.
Court Forced Rs 1 lakh of penalty On Order of the Haryana RERA
In the court’s last hearing, a symbol penalty of Rs 1 lakh was forced for non-observation of the orders of the Real Estate Regulatory Authority (RERA). However, in spite of this, the respondent promoter does not seem to take this matter seriously,” the court has postponed this matter till October 27 for the order to be noticeable.
The conduct of the respondent invites action under section 63 of the Act of 2016 therefore he is responsible to pay a penalty for every day during which such non-payment continues, which may increase up to five percent of the estimated cost of this commercial project as determined by the jurisdiction.
According to Law: Penalized Under Section 60 For Violation of Section 4
The authority said. Further, he is accountable for being penalized under section 60 for the violation of section 4 according to law, which may increase up to five percent of the total cost of the ILD Millennium project as determined by the jurisdiction.
The court’s observation came after the developer continuously failed to act following the order of the Haryana RERA and avoided the submission of necessary documents the authority required to proceed in the affair.
In the last hearing, the authority had ordered the builders to submit an affidavit concerning the assets of the company’s advocate. The jurisdiction observed that the affidavit does not reflect any costing of the property.
Despite many order, the income certificates of the developers have not been submitted yet,” the jurisdiction said.
Approx. 200 homebuyers of more than ten years in the old ILD Green group housing project are waiting for a final decision in the affair.
K.K. Khandelwal, Chairman of Haryana RERA, said that this is a question of a good number of allottees whose engrossment the authority is duty-bound to protect.
He added that nearly Rs 36 crore fund is required to complete the project.