June 28, 2023: The Uttar Pradesh Real Estate Regulatory Authority (UP Rera) on June 27, 2023, said that it had barred real estate developer Ansal API from selling or transferring any residential property in its high-tech township project in Greater Noida due to violation of Rera norms. Additionally, the realty firm has been slapped with a penalty of Rs 3.05 crore for misappropriation of Rs 60.57 crore funds in its three projects in Lucknow, said the authority.
According to a judgment of the UP Rera dated June 26, 2023, there were complaints that the promoter of Ansal API was illegally selling some of the areas in the high-tech township without registering the same with the authority. According to UP Rera, the promoter was given many opportunities to furnish the required information as per the show-cause notice dated December 26, 2020, and subsequent notices culminating in final notice dated April 1, 2023. Ansal API was also given multiple opportunities of hearing but still did not provide the required information and details supported by evidence.
Based on the details and documents furnished by the realty firm, the UP Rera concluded that the promoter was selling large chunks of the land without registering the same and continuously violating the provisions of RERA Act, said the authority. The UP Rera said that through its interim order dated June 19, 2023, it decided to “prohibit the promoter from making any sale and transfer in the township till further orders”, and also directed Ansal API to comply with its judgment and order dated June 26, 2023.
The Rs 3.05-crore penalty has been imposed for the violation of provisions of Rera Act’s section 4 (application for registration of project) and 11 (functions and duties of promoter), among others. According to the UP Rera, this decision was taken on the basis of the findings of the forensic audit report of the realty firm’s three projects- Ansal Business Park, Ansal Business Park-II and Golf Residentia- wherein it was found that the promoter has misappropriated a sum of Rs 60.57 crore collected from the homebuyers.
Ansal API has been ordered to deposit this amount with UP Rera within 30 days. If the promoter fails to comply, the sum will be recovered through the district magistrate as arrears of land revenue. The authority further directed the realtor to deposit the amount of Rs 60.57 crore in the escrow account of the concerned projects within 30 days.
The UP Rera has also asked the promoter to file an application for registration of unregistered areas of the township Sushant Golf City in Lucknow within 15 days. The decision was taken by the regulator in a meeting held under the chairmanship of Rajive Kumar on June 19. According to officials, Ansal API has 100 projects registered across the state with 88 of them in Lucknow, six in Agra and rest in Noida, Greater Noida and Ghaziabad districts.
Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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