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Rera Bars Ansal From Selling Property, Imposes Fine

The real estate developer, separately, has been slapped with a penalty of Rs 3.05 crore on charges of misappropriation of Rs 60.57 crore funds collected from home buyers in three different projects, RERA said.

Rera Bars Ansal From Selling Property, Imposes Fine

Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (RERA) has barred realty firm Ansal API from sale or transfer of any residential property in its hi-tech township project in Greater Noida over violation of norms.

The real estate developer, separately, has been slapped with a penalty of Rs 3.05 crore on charges of misappropriation of Rs 60.57 crore funds collected from home buyers in three different projects, RERA said.

As per a judgment of RERA, there were complaints that the promoter M/s Ansal API was illegally selling some of the areas in the high-tech township without registering the same with the RERA.

The regulatory body in a meeting dated December 12, 2020 had decided to inquire into the affairs of the promoter with regard to this township using its powers under RERA Act and RERA Rules, according to an official statement.

“The promoter was given numerous opportunities to furnish the required information as per show cause notice dated December 26, 2020 and subsequent notices culminating in final notice dated April 1, 2023. The promoter was also given numerous opportunities of hearing but still he did not provide the required information and details supported by evidence," RERA officials said.

“RERA, on the basis of whatever documents and details were furnished by the promoter, concluded that the promoter was selling large chunks of the land without registering the same with RERA and continuously violating the sacrosanct provisions of RERA Act," the official said.

Therefore, RERA decided to "prohibit the promoter from making any sale and transfer in the township till further orders" and also directed him to comply with its judgment and order dated June 26.

“This decision was taken by RERA on the basis of the findings of the forensic audit report of three projects of Ansal API, namely Ansal Business Park, Ansal Business Park-II and Golf Residentia wherein it was found that the promoter has misappropriated a sum of Rs 60.57 crore collected from the home buyers," the regulatory body said.

“The promoter has been directed to deposit this amount with RERA within 30 days failing which it will be recovered through the District Magistrate as arrears of land revenue. RERA further directed the promoter to deposit this amount of Rs 60.57 crore in the escrow account of the projects concerned within 30 days,” it added.

According to RERA officials, Ansal API has 100 projects registered across the state with 88 of them in Lucknow, six in Agra and rest in Noida, Greater Noida and Ghaziabad districts.