Delhi NCR-Based Builder Faces Rs 10 Cr Fine: Show Cause Notice Served By UPRERA

New Delhi: Delhi NCR-based realty firm Antariksh Realtech Pvt Ltd has been slapped with a show-cause notice by UP-RERA to explain why it should not be penalised Rs 9.55 corre  for non-compliance of an earlier order of the authority in relation to its project ‘Antariksh Sanskriti’ in Ghaziabad.

The show-cause notice has been served to the builder after one of the buyers, Anuj Gandhi, brought it to the notice of UP-RERA that the realty firm has not honoured the order of the authority which was passed on 31st of December 2018 in favour of the Gandhi.

Gandhi had filed a complaint with UP-RERA regarding the delay in the project. The authority, in its ruling on 31st December 2018, had ordered Antariksh Realtech to pay a compensation of MCLR plus 1 percent (one percent more than the Marginal Cost Of funds based Lending Rate) to the buyer for the delayed duration till the actual time of delivery of property to the buyer. It had also ordered the realty firm to complete the project as soon as possible and give delivery to Gandhi.       

However, Antariksh did not comply with the order and the Buyer again approached the authority complaining of non-compliance of the order. UP-RERA has now given time to the builder till 18 November 2019 to explain why the provision of section 63 of the RERA should not be enforced against it which states that in case a builder does not comply with the orders of the authority, a penalty extending up to five percent of the registered project cost can be levied on the builder. The project cost as per the registration details with the UP-RERA is Rs 191 crore and hence the fine comes to Rs 9.55 crore.

Antariksh Sanskriti is a project located on National Highway 24 and lies in Indirapuram, Ghaziabad.