The Haryana Real Estate Regulatory Authority (HRERA) will reportedly impose a penalty of about Rs 3 billion to Gurugram developers. As reported, the authority has, in the last two years, received 9,496 complaints, of which 6,598 have been disposed off or resolved. It has also issued 509 penalty notices to builders who have defaulted in terms of complying with various provisions of the real estate law. HRERA has imposed penalty of about Rs 400 million on builders so far.
The Union government has proposed to impose hefty penalty on overloaded vehicles on toll roads. More and more roads are coming under toll collection. However, the government’s proposal to impose the penalty on overloaded trucks is likely to benefit highway developers.
Union Road Minister Oscar Fernandes has said that road developers in the country will not be blamed for delays in regulatory procedure but have to take responsibility for their own faults and may have to pay up to 1 per cent of total project cost as penalty for exiting. If there is any fault on the part of the concessionaire, then there will be a penalty of a maximum of one per cent, of the total project for the developer to exit the project, he said.
The Competition Appellate Tribunal (CAT) on May 17 directed the 11 cement companies to pay 10 per cent of the penalty of Rs 6,307 crore imposed by the Competition Commission of India (CCI) for forming a cartel and colluding to charge higher prices from consumers.
The Competition Appellate Tribunal (COMPAT) has started hearings on the plea of 11 cement companies seeking stay on Rs 6,307 crore ($1,160.4 mn) penalty imposed by fair trade regulator Competition Commission of India (CCI) on the grounds of cartelisation.