Ansal API fined Rs. 1 crore by UP RERA, Escrow a/c details called for.


Ansal API fined Rs. 1 crore by UP-RERA


 The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has started to tighten it's grip on Builders and one of the example was set on Monday by imposing a fine to the tune of Rs 1 crore on Ansal API, for not following its order dated 25 October 2018. The builder has been given a time frame of one month to submit the fine.

 "The fine has been imposed to send our a message to all the builders that they have to comply with RERA orders", said Balwinder Kumar, UP-RERA member.

 The authority however decided to defer an even stricter measure of de-registering Ansal's six projects for four months subject to certain conditions. The builder has also been asked to furnish the details of escrow accounts of all six projects in newspaper. 

 UP-RERA in past has de-registered few projects for non compliance as well as issued de-registration notice to 7 builders. Click here for details.

 A chartered accountant from the CAG panel has been asked to carry out the audit of all Ansal's projects.

 All banks have been informed to disburse money for construction of projects only after the approval of auditor appointed by UP-RERA. The CAG empanelled CA, architect and structural engineer have to give a joint affidavit in this regard.

 "If the builder fails to follow the order the authority will de-register the projects," the authority said in a media release.

 Ansal API has been under investigation due to alleged fraud and diversion of fund to the tune of Rs. 600 crores. Home buyer's fund have been diverted and possession of homes delayed across UP.

 Here is a list of Ansal's Group Companies and projects with details of Directors, Share Capital, Date of Incorporation, and other basic information about the company.

 - Ansal API Infrastructure Limited
- Ansal API Affordable Homes Limited
- Ansal API Logistics Limited
- Ansal API Power Limited
- Ansal Urban Infrastructure Developers Limited
- Ansal Condominium Limited
- Ansal Phalak Infrastructure Private Limited

With numerous companies registered, these builders find so many ways of diverting the buyers money and buyers are noyeven aware of the companies through which these cunning builders operate.

 View the Directors name to know their Directorship in other group Companies.

Comments

  1. Themeshomes31 July 2019 at 04:17

    really nice post and good knowledge Residential Property in Gurgaon

    ReplyDelete
  2. Pradeep Rj30 January 2020 at 05:50

    Wow, it's good. Thanks for the insights. Real Estate describes the built environment without which the businesses and society cannot function. The residential and commercial sub-divisions of the Real estate sector is covered under the Real Estate (Regulation & Development) Act, 2016. The aim of RERA Act is to protect the rights and interests of the consumers and to promote uniformity and standardization of business practices and transactions in the Real Estate sector. It also attempts to balance the interest of buyers and promoters by imposing certain duties on both of them and seeks to establish symmetry of information between buyer and promoter.

    Visit vakilsearch to register a Rera Complaint Online

    ReplyDelete
  3. Prop LKO8 July 2020 at 04:22

    Nice blog good information about the RERA.



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