GREATER NOIDA: Uttar Pradesh Rera Estate Regulatory Authority (UP-Rera) on Monday imposed a fine of Rs 1 crore on Ansal API for violations of certain conditions imposed on the developer in October last year. The developer has been given a month’s time to deposit the fine.
“On October 25, 2018, we had imposed several conditions, including no sale, mortgage or transfer of assets on Ansal API. We also ordered the builder to deposit investors’ money in the designated escrow accounts of the projects concerned. But a forensic audit of Ansal projects revealed violations of some of the conditions,” UP-Rera member Balwinder Kumar told TOI.
“The fine of Rs 1 crore on Ansal API has been imposed to protect the interests of homebuyers and send out a message to all builders that they have to comply with Rera orders,” he added.
UP-Rera has also asked the developer to publish the details of escrow accounts of six of its projects in newspapers against which there have been reports of fund diversion. The authority, however, decided to defer its decision to de-register Ansal’s six projects for four months, subject to certain conditions.
A highrise housing project and another one in Greater Noida are two local Ansal API projects which figure among the list of projects being investigated by UP-Rera. The remaining are located in various parts of UP.
A chartered accountant from the panel of CAG has been asked to carry out the audit of all projects of Ansal API. All banks have been asked to disburse money for construction of projects only after the approval of auditor appointed by UP-Rera. The CA, architect and structural engineer have to provide a joint affidavit for this as well.
“If the builder fails to follow the order, the authority will de-register the projects,” UP-Rera said in a release.
Ansal API has been under investigation over the past several months for alleged fraud, diversion of over Rs 600 crore of homebuyers’ money and delayed completion of housing projects across UP.
“On October 25, 2018, we had imposed several conditions, including no sale, mortgage or transfer of assets on Ansal API. We also ordered the builder to deposit investors’ money in the designated escrow accounts of the projects concerned. But a forensic audit of Ansal projects revealed violations of some of the conditions,” UP-Rera member Balwinder Kumar told TOI.
“The fine of Rs 1 crore on Ansal API has been imposed to protect the interests of homebuyers and send out a message to all builders that they have to comply with Rera orders,” he added.
UP-Rera has also asked the developer to publish the details of escrow accounts of six of its projects in newspapers against which there have been reports of fund diversion. The authority, however, decided to defer its decision to de-register Ansal’s six projects for four months, subject to certain conditions.
A highrise housing project and another one in Greater Noida are two local Ansal API projects which figure among the list of projects being investigated by UP-Rera. The remaining are located in various parts of UP.
A chartered accountant from the panel of CAG has been asked to carry out the audit of all projects of Ansal API. All banks have been asked to disburse money for construction of projects only after the approval of auditor appointed by UP-Rera. The CA, architect and structural engineer have to provide a joint affidavit for this as well.
“If the builder fails to follow the order, the authority will de-register the projects,” UP-Rera said in a release.
Ansal API has been under investigation over the past several months for alleged fraud, diversion of over Rs 600 crore of homebuyers’ money and delayed completion of housing projects across UP.
World Cup 2019
Trending Topics
LATEST VIDEOS
City
Haryana: Massive 3-ft long lizard found in emergency ward of govt hospital in Fatehabad 
Watch: UP Police goes old school with patrolling vehicle blaring ‘jagte raho’ in Lucknow 
Fadnavis in trouble: Pending water bills of over Rs 7 lakh, BMC declares CM's bungalow defaulter 
Group of men fire during public functions in Delhi, clips go viral
More from TOI
Navbharat Times
Featured Today in Travel
Quick Links
Lok Sabha Election Schedule 2019Lok Sabha Election NewsDelhi Capitals teamMI team 2019Rajasthan Royals 2019RCB team 2019Maharashtra Lok Sabha ConstituenciesBJP Candidate ListBJP List 2019 TamilnaduShiv Sena List 2019AP BJP List 2019Mamata BanerjeeBJP List 2019 MaharashtraPriyanka GandhiBJP List 2019 KarnatakaAMMK Candidate List 2019BJP List 2019 WBLok Sabha Elections in Tamil NaduBSP List 2019 UPNews in TamilLok Sabha Poll 2019Satta Matka 2018PM ModiMahagathbandhanNagpur BJP Candidate ListChandrababu NaiduTamil Nadu ElectionsUrmila MatondkarNews in TeluguMadras High CourtTejashwi YadavArvind KejriwalTejasvi SuryaPawan KalyanArvind KejriwalYogi AdityanathJaya PradaSatta King 2019Srinagar encounter
Get the app