Gurugram RERA Penalty Vatika Limited for BBA Violations…..
The Real Estate Regulatory Authority (RERA) court in Gurugram has levied a penalty of over Rs 6 lakh on real estate promoter Vatika Limited for violating provisions of the Builder Buyer Agreement (BBA), according to an official statement on Tuesday. The ruling by Judge SK Arora is seen as a significant victory for the five complainants involved.
The court found Vatika Limited in violation of Section 13 of the Real Estate (Regulation and Development) Act of 2016, which prohibits promoters from accepting more than 10 per cent of the apartment or plot cost as an advance payment or application fee. As per the order, Vatika Limited must pay a penalty of Rs 1 lakh for each complaint and execute the registered buyer’s agreement within 30 days, failing which further penal action may be taken under Section 63 of the Act.
The five complainants, who had booked commercial units in Vatika India Next project in 2018, alleged that Vatika Limited transferred their units without consent to another project, Vatika One, and reduced the unit sizes without consultation. The court noted that Vatika Limited had accepted 100 per cent of the consideration without executing the BBA, which is a violation of the Act.
In addition to the penalties, Vatika Limited has been directed to pay interest for the delay in possession at the prescribed rate. The company has expressed its intention to appeal the court’s decision, stating that its representations and the facts of the case were not fully considered.
This development underscores the importance of adherence to the regulations laid down by RERA and highlights the need for transparency and fairness in real estate transactions.
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