The Haryana Real Estate Regulatory Authority (Haryana RERA) has delivered a strong message to real estate developers in the state by imposing a hefty penalty of ₹5 crore on Vatika Limited. This action highlights the importance of adhering to RERA’s registration norms for ongoing projects.
Vatika Limited’s woes stem from their failure to register their Gurugram project, Vatika India Next, in Sectors 88A and 88B, within the stipulated timeframe. The company received the project license in 2013, but only applied for RERA registration in 2022 – a five-year delay that reportedly came about only after Haryana RERA’s intervention.
This strict action by Haryana RERA serves a dual purpose. Firstly, it safeguards the interests of homebuyers by ensuring transparency and accountability from developers. RERA registration mandates the disclosure of crucial project details, financial information, and legal agreements, empowering homebuyers to make informed decisions. Secondly, the penalty reinforces the authority of RERA and deters developers from flouting regulations. Timely registration allows Haryana RERA to track project progress, address potential issues early on, and ultimately, protect homebuyer investments.
The ₹5 crore penalty stands as a stark reminder to all developers in Haryana that complying with RERA regulations is not optional. It is a necessary step to ensure a fair and balanced real estate market that prioritizes the rights of both developers and homebuyers.
