Ansal API in trouble! UP-RERA fines Rs 3 crore for taking money from the wrong pockets. Big consequences for misusing funds!
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has taken strict action against the real estate company Ansal API for breaking the rules. Ansal API was selling homes in its hi-tech township project in Greater Noida without proper permission. As a result, UP RERA has stopped them from selling any more homes in that project.
Ansal API has many projects across Uttar Pradesh. They have 100 projects, with 88 in Lucknow, six in Agra, and the rest in Noida, Greater Noida, and Ghaziabad.
Ansal API has been fined a huge amount of Rs 3.05 crore for misusing Rs 60.57 crore of money collected from people who bought homes in three projects. It means Ansal API took the money for one thing but used it for something else.
Even after being given several chances, Ansal API failed to provide the information or evidence that UP RERA asked for. So, UP RERA decided to ban Ansal API from selling more homes until further notice.
Ansal API has been ordered to repay the misused money within 30 days. If they don’t, the government will forcefully take the money from them. They have also been told to put the amount of Rs 60.57 crore in a separate account within 30 days.
UP RERA is taking these actions to protect the rights of homebuyers to make sure that companies follow the rules and people’s hard-earned money is used for the right purposes so that everyone gets a fair deal when buying a home.