On Saturday, Uttar Pradesh Real Estate Authority (UP RERA) imposed a cost of Rs 2.5 crores on five promoters( including a government agency) for non-compliance of an order passed by it. This decision was taken in a meeting headed by UP RERA chairman Rajive Kumar.
According to Kumar, the promoters did not comply with the direction of giving flats to home-buyers and for delay of compensation and for not providing a completion certificate.
UPRERA has asked the promoters to deposit the penalty within thirty days, or the amount will be recovered through district magistrates.
According to RERA Act, Section 63 empowers the UPRERA to impose a penalty of up to five per cent of project cost on promoters.