Noida Real Estate Promoter Fined Rs 16 Lakh For Delay In Handing Over Flat – News18

Due to the delay in allocating a flat to a resident in Delhi, the promoter of Mahagun Majoria has been ordered by the Real Estate Regulatory Authority to pay Rs 16 lakh as a fine to the resident. This person received possession of the flat from the promoter of a Noida housing development five years later than expected. The buyer reserved a condo in Noida’s Mahagun Majoria, Sector-78, in 2017, according to the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA). It made a payment of Rs 1.35 crore to the project’s promoter, Nexgen Infracon. The promoter was supposed to deliver the flat in December 2018, according to a statement from the authority. However, following repeated delays in receiving the flat, the buyer contacted RERA in 2021.

According to a RERA official, after initially failing the 2018 deadline of handing over the flat to the buyer, the promoter had assured to hand over the flat in 2021. But it failed the 2021 deadlines as well, following which, the dispute was brought before RERA for resolution because the promoter was unable to fulfil the terms of the builder-buyer agreement. After hearing all of the points, UP RERA decided in the home buyer’s favour.

According to RERA, the promoter fulfilled all the terms and delivered the flat to the house buyer earlier this week with a late penalty of approximately Rs 16 lakh. The purchaser has provided the local authorities with a copy of the possession deed.

To bring transparency to the state’s rapidly expanding real estate market, safeguard home buyers’ rights, and ensure prompt resolution of disputes between purchasers and builders, UP-RERA was founded in 2017. It was established under the Real Estate (Regulation and Development) Act, 2016 to protect home-buyers as well as help boost investments in the real estate industry.