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The move comes after Haryana Real Estate Regulatory Authority (HARERA) made a recommendation to the secretary DFS to issue instruction to all banks to ensure compliance of RERA norms while allowing withdrawal of funds from RERA accounts by promotors of real estate projects.
Haryana RERA: Filing of quarterly progress reports (QPR) and annual audit reports (AARs) by real estate developers is a mandatory requirement under RERA Act 2016.
To check misuse of funds collected from homebuyers, Haryana Real Estate Regulatory Authority (H-Rera) has warned banks of legal action on allowing withdrawal of funds by developers from the regulator’s accounts in violation of norms.
Haryana Real Estate Regulatory Authority (H-Rera) has started a survey of stalled residential projects in Gurgaon. This is the first survey of its kind in the city. Find out more about the survey and its purpose.
Flat owners in Gurgaon are protesting against the transfer of maintenance funds to the Resident Welfare Associations (RWAs). They gathered outside the builder's office and demanded that the interest-free maintenance security charges (IFMS) not be transferred. The dispute is ongoing, with separate RWAs formed for different parts of the project. The developer is accused of illegally forming a second RWA. The matter has been brought before HRera for resolution.