Gurugram starts freezing builder bank accounts to recover HRERA dues
By Naveen Kumar, Director at Triverse Homes
Winning a case at HRERA has often been the easy part. Collecting the money has been much harder. The Gurugram district administration now says it will freeze the bank accounts of builders who owe dues under HRERA recovery certificates until they pay up.
The move has already had an effect. AIPL, which had three pending recovery notices, handed over a demand draft and about Rs 3 crore was recovered. The Tribune reports that more than 3,000 recovery certificates issued by HRERA over six years are still pending, involving over Rs 750 crore. Deputy Commissioner Uttam Singh said recoveries must be time-bound for RERA to work.
For buyers holding an unpaid refund or interest order, this is encouraging. It is worth following up on your recovery certificate now that enforcement has real teeth.
Source: The Tribune ↗
Naveen Kumar
Naveen Kumar is a Director at Triverse Homes with more than 16 years in real estate. He has an in-depth understanding of the market, from how projects are priced and launched to what drives their value on resale.
He is especially strong on HUDA (now HSVP) regulations and RERA: licences, approvals, allotment and transfer rules, and the rights buyers have when timelines slip. In his updates he explains what each change in the market or the law means in practice for anyone buying, selling or investing in Gurgaon.
