Haryana Real Estate Regulatory Authority Slaps Rs 5 Crore Penalty on Vatika Ltd

The Haryana Real Estate Regulatory Authority (HRERA) in Gurugram has fined Vatika Ltd Rs 5 crore for not registering its project, Vatika India Next, within the required time frame. The fine is for violating Section 3(1) of the Real Estate (Regulation and Development) Act 2016.

The Haryana Real Estate Regulatory Authority (HRERA) in Gurugram has levied a penalty of Rs 5 crore on real estate promoter Vatika Ltd for failing to register its Vatika India Next project within the stipulated time frame.

The penalty pertains to a violation of Section 3(1) of the Real Estate (Regulation and Development) Act, 2016, according to an official statement released on Tuesday. HRERA emphasized that Vatika Ltd obtained the project license in 2013, but delayed its registration until 2022.

HRERA Chairman Arun Kumar noted that Vatika Ltd's project was ongoing and should have adhered to the mandatory registration to avoid penalties. The case was intensified by HRERA's suo motu action and the subsequent fine under Section 59 of the Act. Vatika Group accepted the penalty, attributing the delay to NH 352 W development and lacking information from GDMA.

(With inputs from agencies.)