The Haryana Real Estate Regulatory Authority (HRERA) in Gurugram has fined M/s 1000 Trees Housing Pvt Ltd INR 1.5 crore for failing to register its project despite having a licence for 12 years. The penalty arose from a review of the promoter's application to register the project, which is crucial for completing construction and delivering units to homebuyers. Regulations mandate project registration with HRERA before establishing third-party rights or making advertisements. Although the penalty was imposed, HRERA has conditionally approved the project, pending payment of the penalty and late fees, as stipulated under Section 59 of the Act.
The Haryana Real Estate Regulatory Authority (HRERA) in Gurugram has imposed a significant fine of INR 1.5 crore on M/s 1000 Trees Housing Pvt Ltd, a local real estate promoter. This penalty has been enforced due to the company's failure to register its project despite having received the necessary licence 12 years ago.
The penalty was applied after a thorough review of the promoter's application, which was submitted to seek registration for the project with the aim of completing construction and delivering residential units to homebuyers. The regulatory review found that the project had not been registered in accordance with the stipulated regulations.
As per HRERA's regulations, it is mandatory for a promoter to register their project with the authority before creating any third-party rights or initiating advertisements, once they have obtained the requisite licence from the experienced authority. This requirement is designed to ensure transparency and protect the interests of homebuyers.
Despite the imposition of the penalty, HRERA has conditionally approved the project, subject to the payment of both the late fees and the imposed penalty. The HRERA order specifically mentioned that the penalty of INR 1.5 crore was imposed under Section 59 of the Act due to the ongoing project's non-registration. This step underscores the authority's commitment to enforcing compliance and maintaining regulatory standards within the real estate sector.
In conclusion, the penalty imposed by HRERA highlights the critical importance of adhering to regulatory requirements in the real estate sector. By enforcing the INR 1.5 crore fine for non-registration, HRERA aims to uphold transparency and protect home buyers' interests. The conditional approval of the project highlights HRERA's balanced approach, allowing the project to proceed once agreement conditions are met. This action reinforces the need for real estate promoters to follow regulatory procedures diligently, ensuring that projects are managed responsibly and in accordance with legal standards.
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