Haryana RERA Forfeits Security Deposit of 20 Builders

The Haryana Real Estate Regulatory Authority (RERA) has forfeited security deposits of around Rs 7 crore from 20 builders located in the city due to their noncompliance with registration requirements. Conditional project registration certificates had been awarded to the real estate promoters. Nevertheless, an RERA (Gurgaon) ruling said that the promoters violated the terms by not fulfilling the requirements within the allotted period. RERA stated in its order that security deposits paid by the promoters in lieu of timely submission of the necessary documentation “are being forfeited” in accordance with the terms of the registration certificates.
These 20 real estate promoters have a combined amount of Rs 7 crore in security deposits. “The order specified that the security amounts would be forfeited if the promoters fail to fulfill the relevant conditions within the specified time frame mentioned in the conditions, as it was explicitly stated in the registration certificates.”