Gujarat RERA Hits Builders with ₹3.5 Crore in Penalties
AHMEDABAD: The Gujarat Real Estate Regulatory Authority (GujRERA) has imposed penalties totaling approximately ₹3.5 crore on developers for violating regulations pertaining to RERA-mandated bank accounts. This regulatory action aims to address builders who did not deposit homebuyer funds as stipulated under the Real Estate (Regulation and Development) Act of 2016. In a recent enforcement initiative, GujRERA issued orders in eight suo motu cases, with fines ranging from ₹95,000 to ₹2 crore. The highest penalty of ₹2 crore was levied against a promoter based in Surat for violations associated with mandatory fund-deposit requirements outlined in the Act. This move signals the…