HP RERA Imposes Rs 70 Lakh Penalty on Solan’s Chester Hills Projects for Financial Irregularities
The Himachal Pradesh Real Estate Regulatory Authority (HP RERA) has imposed a cumulative interim penalty of Rs 70 lakh on the promoters of the Chester Hills-2 and Chester Hills-4 residential projects in Solan. The authority cited serious statutory violations, including financial irregularities and unauthorized construction deviations under the Real Estate (Regulation and Development) Act, 2016. Promoter Hansraj Thakur was fined Rs 35 lakh for each project for failing to maintain 70% of allottee funds in separate accounts as mandated by law. The tribunal, led by Chairperson R D Dhiman, noted that proceedings continue regarding alleged benami transactions and violations of land-use norms under the HP Tenancy and Land Reforms Act. Additional concerns include handing over possession without occupancy certificates and discrepancies in quarterly progress reports. The promoter must deposit the penalty within 30 days and submit certified financial records. Further penalties are likely pending reports from the Revenue Department, with the next hearing scheduled for June 5. Action is also being initiated against the project’s architect, engineer, and chartered accountant for their respective roles in these violations.
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HP RERA Imposes Rs 70 Lakh Penalty on Solan’s Chester Hills Projects for Financial Irregularities
The Himachal Pradesh Real Estate Regulatory Authority (HP RERA) has imposed a cumulative interim penalty of Rs 70 lakh on the promoters of the Chester Hills-2 and Chester Hills-4 residential projects in Solan. The authority cited serious statutory violations, including financial irregularities and unauthorized construction deviations under the Real Estate (Regulation and Development) Act, 2016. Promoter Hansraj Thakur was fined Rs 35 lakh for each project for failing to maintain 70% of allottee funds in separate accounts as mandated by law. The tribunal, led by Chairperson R D Dhiman, noted that proceedings continue regarding alleged benami transactions and violations of land-use norms under the HP Tenancy and Land Reforms Act. Additional concerns include handing over possession without occupancy certificates and discrepancies in quarterly progress reports. The promoter must deposit the penalty within 30 days and submit certified financial records. Further penalties are likely pending reports from the Revenue Department, with the next hearing scheduled for June 5. Action is also being initiated against the project’s architect, engineer, and chartered accountant for their respective roles in these violations.
The Indian Express