H-Rera orders forensic audit of Gurugram’s ILD Arete project, ban on fresh sale of units

The Gururgam bench of Haryana Real Estate Regulatory Authority (H-Rera) on Friday said it has ordered forensic audit of ILD Arete housing project, and also issued a show cause notice to the promoter to submit information sought by the authority before expiry of the notice period.

The authority also restrained the promoter and its directors and collaborators from further creating any third-party rights on the unsold inventory, which means any fresh sale of units/flats in this project will not be allowed until further orders.

The H-Rera bench led by chairman Dr KK Khandelwal and three members heard the arguments of the promoter and allottees for over two hours before passing the order on Wednesday.

The authority observed that after going through the facts and circumstances of the project, it was clear that there was no progress of work at the site in the past four years, and the project has been considerably delayed.

Launched in 2013, Arete is spread over 11 acres and has 550 flats in eight towers. The project was to be delivered to buyers in 2017-18.

H-Rera Gurugram said a forensic auditor has been engaged to audit the project and submit a final report within 10 days.

“The project land and unsold inventory are attached and a public notice in this regard has been issued. Also, the bank accounts of the project have been frozen and intimation sent to the banks concerned,” H-Rera order stated.

Khandelwal said adequate opportunities and time were given to ILD promoters to complete the construction and hand over the flats to buyers, who have been waiting for years. “We have ordered a forensic audit as a last option to obtain the exact details and devise a construction viability mechanism to resolve the issue hanging in the court for four years,” he said.

Khandelwal said as far as revocation of Rera registration certificate goes, the authority will decide on that after obtaining the forensic report and the requisite information that has been sought from the promoter.

The show cause notice issued to ILD has asked the promoter to furnish the required details on or before the notice period expires on October 4, failing which the authority will impose a penalty of ₹50,000 a day for the period of delay.

When asked about the matter, Salman Akbar, director, ILD said, “We are working with the authority and buyers to chalk out a resolution plan. The orders are under review and we shall comply with the directions as laid down by the authority.”