Omaxe, Parsvnath, Assotech, Bhutani Grp, NBCC Penalised By UP-RERA For Not Filing Quarterly Report
New Delhi: Omaxe Ltd, Parsvnath Developers Ltd, Assotech Ltd, Bhutani Group and state run construction company NBCC have been penalized by UP-RERA for not filing the achievements of quarterly construction targets that they had set for themselves in some of their projects in the state, according to the annual report of the authority foe 2018-19.
The details of the projects for which they have been penalized by UP-RERA are given below:
GH-4 (Residency-II) Phase-3, Omaxe Integrated Township, RERA ID-UPRERAPRJ368818
GH-7 (EWS & LIG) at Omaxe Integrated Township, RERA ID-UPRERAPRJ4119
Parsvnath Developers Ltd:
Parsvnath Elite, RERA ID-UPRERAPRJ5455
Parsvnath Pratibha Phase-II, RERA ID-UPRERAPRJ6099
Parsvnath Pratibha Phase-III, RERA ID-UPRERAPRJ3916
Parsvnath Pratibha Phase-IV, RERA ID-UPRERAPRJ6042
Parsvnath Privilege Phase-III, RERA ID-UPRERAPRJ6076
Parsvnath Palacia Phase-I, RERA ID-UPRERAPRJ6091
Parsvnath Palacia Phase-II, RERA ID-UPRERAPRJ6095
Assotech Celeste Towers, RERA ID-UPRERAPRJ6098
Assotech The Nest, RERA ID-UPRERAPRJ6102
Alphathum Phase I, RERA ID-1 UPRERAPRJ7301
Alphathum Phase II, RERA ID-UPRERAPRJ7376
Alphathum -III RERA, ID-UPRERAPRJ10097
Alphathum Phase – IV, RERA ID-UPRERAPRJ10115
NBCC Commercial Complex Lucknow. RERA ID-UPRERAPRJ14334
Gomti Nagar Lucknow Redevelopment of Railway Station, RERA ID-UPRERAPRJ908603
According to Section 11 sub-clause 1, of the Real Estate (Regulation and Development) Act, 2016, promoters are required to set physical and financial targets during registration of their real estate projects. Then they are also mandated to file quarterly progress report with the RERA authority in order to let the authority assess the progress in the projects is as per the targets set by the promoter during registration. The same information and update is made available to the public for viewing.
The quarterly target is based on the starting date and end date of construction of each building or block or floor as chosen by the promoter. The financial target is the amount that the promoter has planned to deposit in the exclusive bank account which has to be mandatorily opened as per the Act.