HRERA fines realtors Rs 40 crore in 2 years

Chandigarh, February 7

The Haryana Real Estate Regulatory Authority (HRERA) has imposed a penalty of nearly Rs 40 crore and initiated proceedings against 58 colonisers in the state ever since its inception two years ago. With issue of show-cause notices, the penalty amount may go up to Rs 300 crore, a spokesperson for the authority said.

The authority has issued 509 penalty notices to builders who have defaulted on compliance of provisions of the real estate law.

On the completion of two years, authority Chairman KK Khandelwal said: “Our effort in the last two years has been to develop a robust and transparent real estate sector. The efforts of the authority also help promoters due to revival of the market.” — TNS