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The Haryana Real Estate Regulatory Authority (H-RERA) has refused to grant an extension of registration to the Shree Vardhman Victoria group housing project being developed by Shree Vardhman Infra Heights Pvt Ltd. This decision was made due to the non-compliance of RERA Act by the promoter. The authority had given 24 opportunities to the developer to comply with the mandatory requirements to renew or extend the registration of the project, but the promoter failed to comply with them.
The authority rejected the application and froze all of Shree Vardhman Infra Heights Pvt Ltd's bank accounts. The bench comprising three members, Ashok Sangwan, Vijay Kumar Goyal, and Sanjeev Kumar Arora, passed the order on March 20, after hearing the matter. It is said that no one appeared on behalf of the promoter, indicating that they do not intend to pursue the matter.
The order states that "the application for extension of the registration of the residential project is hereby rejected under the provisions of Section 6 of the RERA Act, 2016. The processing fee deposited by the promoter is being forfeited." The time period for completion of the housing project and registration expired in June 2021, including the six months relaxation for Covid-19. The office is now required to initiate the process under Section 8 of the Act, 2016, and to issue a public notice to this effect. The bank account of the project is, hereby, frozen, and intimation be sent to the bank concerned.
The application seeking an extension of registration for the group housing colony project was submitted in October 2021 under Section 6 of the Real Estate (Regulation and Development) Act 2016. The authority scrutinized the application and noticed deficiencies, which were conveyed to the promoter with directions to remove the same. However, they failed to do so.
The authority's decision to freeze the promoter's bank accounts will cause significant financial harm to them, making it difficult for them to continue their operations. It is likely that this action will serve as a warning to other promoters and developers to comply with the RERA Act's requirements to avoid similar repercussions.
The H-RERA’s rejection of the application also indicates the authority's commitment to enforcing the RERA Act and ensuring that developers comply with the regulations. This decision will help protect homebuyers and investors who have invested in the project, as it ensures that the developer adheres to the timelines and complies with all legal requirements.
Overall, the H-RERA’s decision to reject Shree Vardhman Infra Heights Pvt Ltd.’s application for extension of registration of the Shree Vardhman Victoria project will send a strong message to other promoters and developers to comply with the RERA Act's provisions. This will help protect homebuyers and investors who have invested in various real estate projects.
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