Real Estate Regulation Act, India

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 h

46,000 homebuyers who bought flats from Amrapali may breath a sigh of relief as the construction work on its various projects may soon resume. The Apex Court has on Wednesday said that ownership of the projects would be forfeited from the Amrapali group and handed over to Noida and Greater Noida authorities, which would in turn complete the construction and hand over possession to the buyers. Amrapali has been clearly told that "you are out now", the SC said all its housing properties would be given to the authorities "lock, stock and barrel". No doubt that the Greater Noida Authority as well as Noida Authority are equally to blame as to how did they allow the group to continue purchasing land for projects without paying a penny to the authorities and how did the authorities gave the allotment in its name. No doubt the Noida and Greater Noida Authority are hand in gloves with the fraud developer. Homebuyers who have invested more than Rs 11,500 crore, and