Builder penalised for illegal rights transfer in Gurugram
The Haryana Real Estate Regulatory Authority (HRERA) on Wednesday imposed a fine of Rs 84 crore on a real estate developer Supertech Limited, for transferring rights and liabilities of four group housing projects in Gurugram to another developer in violation of rules.
The authority said it invoked section 15 (1) of the Real Estate Regulatory Act (RERA), 2016, to penalise the developer after it was brought to its notice that two real estate projects, in Sector 2 of Sohna and one each in Sector 68 and Sector 79 in Gurugram, had been transferred without valid permissions.
Section 15 (1) of the RERA Act states that promoter shall not transfer or assign his majority rights and liabilities in a real estate project to a third party without prior written consent from two-thirds of the allottees and without prior written approval of the authority.
“Transfer of project or licence without permission from authority is against the RERA Act,” said Dr KK Khandelwal, chairman, HRERA, Gururgam.
The developer on Thursday denied any transfer or sale of projects and said it will file a reply after reading the notice. “There has been no sale of assets or transfer of licences to any company by Supertech in Gurugram. We will apprise HRERA about our stand,” said RK Arora, MD, Supertech Ltd.
“The total cost of these projects is around Rs 1,680 crore and the authority has issued notice of penalty of Rs 84 crore,” said a senior HRERA official. As per officials, the developer had transferred its properties to another builder due to cash crunch. “The developer had taken a loan from the company to which the assets have been transferred. As it was becoming difficult to pay off the loan, the assets were transferred,” the official said.