Haryana's real estate regulator, H-RERA, today warned that stringent measures would be taken against those builders who fail to fulfil all promises made to home buyers.
Addressing an interactive session with the members of industry body PHDCCI, H-RERA Chairman K K Khandelwal asked real estate developers to fulfil promises made to home buyers in their brochures to escape stringent provisions of real estate law RERA that came into effect from May last year.
He assured that it will not take coercive measures against real estate developers and builders if they honour their commitments.
Khandelwal said projects where 40 per cent of proposed development is completed would not be recommended for withdrawals. The regulator would ensure that such projects take off even if there are certain delays in delivery and rewarding occupancy.
He made it clear that the regulator will not take "coercive measures against any developers and builders in case their work is advancing with considerable progress".
However, stringent measures would be applicable towards those developers and builders with mala fide intention, he was quoted as saying as by PHDCCI statement.
Khandelwal asked developers to be fair and transparent in their business practices.
PHDCCI President Anil Khaitan appreciated the introduction of RERA and exuded confidence that with its enactment the sector would grow.
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