The Real Estate Regulatory Authority (RERA) of Gurugram has ordered a forensic audit of the ILD Arete housing project case, along with issuing a show-cause notice to the promoter to submit information as sought by the authority earlier before expiry of the notice period.
The show-cause notice directed the ILD promoter to furnish the required details before the notice period expires on October 4, failing which the authority will impose a penalty of Rs 50,000 per day.
The order said, “The authority has observed it very seriously and exercising the power under Section 63 of the Act 2016 hereby decides to issue a show-cause notice as to why a penalty of Rs 50,000/day be not imposed on him (director Alimuddin) during the continued default period for not submitting information.
“The promoter is further directed to submit the information within a week from today and in case he defaults further the liability, a penalty for every day of default may further be enhanced by the authority.”
The RERA bench led by chairman KK Khandelwal and three members heard the arguments of the promoter and allottees for over two hours before passing the order.
“The authority after going through the facts and circumstances of the project observes with pain and anguish that the promoter has miserably failed to complete the project, as there is no progress of work on site in the past four years. The allottees are feeling cheated and disturbed about the commitment made by the promoter time and again regarding recommencing the hold up construction,” the order noted.
“The project land and unsold inventory of the project are attached and a public notice in this regard has been issued. Also, the bank accounts of the project have been frozen and intimation sent to the concerned banks,” the order stated.