Gurugram-based developer M/s 1000 Trees Housing Pvt Ltd has been hit with a substantial penalty of Rs 1.5 crore by the Haryana Real Estate Regulatory Authority (HRERA) for failing to register their ongoing project, “Sanctuary 105.” This move by HRERA underscores the importance of developers adhering to real estate regulations and protecting homebuyer interests.
The controversy arose when 1000 Trees Housing applied to HRERA for registration to complete construction and handover units of “Sanctuary 105.” However, upon scrutiny, HRERA discovered that the project had been actively selling units to buyers for over 12 years, despite having obtained the necessary license, without ever registering with the authority. This blatant violation of the Real Estate (Regulation and Development) Act, 2016, prompted HRERA to take action.
The Act mandates the registration of all real estate projects exceeding a certain size threshold. Registration ensures transparency in transactions, protects homebuyers from delays and fraudulent practices, and provides them with a dispute resolution mechanism. By failing to register, 1000 Trees Housing exposed buyers to significant risks, such as potential project delays, incomplete construction, or difficulty in receiving refunds.
HRERA’s penalty serves as a deterrent to other developers who might consider flouting registration norms. The incident also highlights the role of HRERA in safeguarding the rights of homebuyers in Haryana. Homebuyers can now approach HRERA for grievance redressal if they face issues with “Sanctuary 105” due to its unregistered status.
