Haryana Real Estate Regulatory Authority has forfeited security deposits of around Rs 7 crore of 20 city-based builders for non-compliance with registration norms, an official said on Saturday.
The real estate promoters had been granted conditional project registration certificates. The promoters, however, failed to meet the conditions within the stipulated time, leading to violations, a RERA (Gurgaon) order said.
As per the conditions of the registration certificates, security deposits made by the promoters in lieu of the timely submissions of the required documents, 'are being forfeited', RERA said in its order.
The total security deposits of these 20 real estate promoters were Rs 7 crore. 'It was clearly mentioned in the registration certificates that the security amounts shall be forfeited in case the respective conditions are not fulfilled by the promoters within the stipulated time period mentioned in the conditions,' the order stated.
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