According to a statement released by Haryana RERA, a prominent real estate developer in India, Vatika Limited has been penalized by the Real Estate Regulatory Authority - RERA, Gurugram, for failing to apply for RERA registration of an ongoing project within three months of the Act being notified in Haryana in 2017.
As per the statement accessed from the Authority, the offense of violating Section 3 (1) of the Real Estate (Regulation and Development) Act 2016 entails a fine of 5 crore.
The Authority noted that Vatika Limited had obtained a license from the Town and Country Planning (TCP) Department of Haryana in 2013 for its residential real estate project, Vatika India Next, and that the promoter had to apply for RERA registration in 2017 within three months of the state’s notification of the Act.
According to the statement, Vatika Limited applied for RERA registration five years after the 2022 Haryana notification and after RERA took a suo motu action in the matter.
Expressing his points on this subject, Arun Kumar, Chairman, RERA Gurugram says, “It was an ongoing project, and the promoter should have applied for the RERA registration well on time to avoid penalties. RERA registration is mandatory for all ongoing real estate projects where competition certificates were not issued before the Act coming into force in 2016”.
In accordance with the authority, the Section 3 (1) of the Act 2016 states that, “No promoter shall advertise, market, book, sell or offer for sale or invite persons to purchase in the any manner any plot, apartment, or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under the Act”.
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