UP-RERA imposes hefty fine on Ansal API for non-compliance of order

Photo: Graphics by Akash Mishra
Posted: Jun 25, 2019

Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has imposed a fine of Rs 1 crore on Ansal API for not complying its order of October 25 last year. The authority has asked the real estate group to submit the fine within one month.

As per the sources, the authority, however, has decided to defer its decision to de-register Ansal’s six projects for four months subject to certain conditions. 

The real estate group has been asked to publish the details of escrow accounts of all six projects in newspaper. A chartered accountant from the CAG panel has been asked to do the audit of the company’s all projects.

All the associated banks have been asked to disburse money for construction of projects only after the approval of auditor appointed by UP-RERA. “The chartered accountant, architect and structural engineer have to provide a joint affidavit for this as well,” sources claimed.

“If the builder fails to follow the order, the authority will de-register the projects,” the authority said in a media release.

Earlier in October last year, the authority had ordered forensic audit in registered projects with a view to investigate the accounts of Ansal API to find out the possible diversion of funds which caused delay in completion of its housing projects.

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