Panchkula project: Parsvnath fined Rs 5 lakh for not complying with Rera order | punjab | chandigarh | Hindustan Times
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Panchkula project: Parsvnath fined Rs 5 lakh for not complying with Rera order

The realtor was given a month to organise a conference of allottees to prepare the plan of action, timelines for completion of the project, and for building confidence in them with the assurance that the entire remaining money to be received shall be put in the escrow account.

punjab Updated: Jun 03, 2018 12:23 IST
Munieshwer A Sagar
Munieshwer A Sagar
Hindustan Times, Panchkula
The matter pertains to the application for registration of the project Parsvnath Royale Pocket B in Sector 20, Panchkula.
The matter pertains to the application for registration of the project Parsvnath Royale Pocket B in Sector 20, Panchkula.(Representative image )

The Haryana real estate regulatory authority (Rera) has imposed a penalty of Rs 5 lakh on Parsvnath Developers for not complying with its orders.

The matter pertains to the application for registration of the project Parsvnath Royale Pocket B in Sector 20, Panchkula.

The realtor was given a month to organise a conference of allottees to prepare the plan of action, timelines for completion of the project, and for building confidence in them with the assurance that the entire remaining money to be received shall be put in the escrow account for completion of the project.

An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties.

But the builder failed to comply with the directions. “No satisfactory explanation was given by the representatives of the builder for not complying with the directions of the authority,” Rera held.

Violated past order too

The builder was also found violating the authority’s earlier order, wherein it was directed to make an action plan for completing 253 apartments that already stand allotted, by reallotting them in six to seven towers.

The direction was to divide the project into two parts — one for completion of the portion that has already been allotted and the second for completion of the rest of the project. The builder had agreed to comply with this direction after discussions with home buyers in the conference. But the authority observed that the builder didn’t organise the conference and presented baseless excuses.

The builder had argued that 49 apartments have been attached by the enforcement directorate and another 50 home buyers have filed court cases. But the authority held, “This matter should have been discussed in the home buyers’ conference and a reply should have been presented to the authority along with the response of the home buyers.”

Gets some relief

Meanwhile, overruling the Haryana town and country planning (TCP) department’s objection to registering the project, Rera said the central legislation as well as state rules recognise a person as a rightful developer eligible to be registered under the Act even though he may be the holder of only a power of attorney or just an authorised contractor.

Earlier, when Rera had sought the status of the licence granted for the project, the TCP stated that it was issued to three land owners for developing the colony in collaboration with Samar Estates Pvt Ltd and later transferred from individual land owners to Parsvnath. Rera asked the applicant to deposit the deficit registration fee of Rs 6.34 lakh.