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In a recent enforcement action, the Haryana Real Estate Regulatory Authority took strict measures against a Panipat property transaction involving cash payments, directing the builder to refund the amount along with significant interest. The case revolved around a homebuyer who had paid in cash, breaching legal thresholds. RERA also referred the matter to the Income Tax Department. The builder's refusal to provide verification documents further influenced the decision, underscoring the regulator's intent to eliminate illicit financial practices in the real estate sector.
The Haryana Real Estate Regulatory Authority has intensified its efforts to curb black money in property transactions, forwarding cases involving cash payments exceeding INR 2 lakh to the Income Tax Department. In a recent directive, the authority ordered a Panipat-based builder to refund INR 10 lakh - received in cash for a flat - along with interest amounting to approximately INR 7.73 lakh, calculated at an annual rate of 10.9 per cent. Advertisement
The complaint was filed by a homebuyer who produced proof of income and a valid receipt for the payment. The developer, however, declined to provide a specimen signature for verification, which the regulator viewed as non-cooperation, further strengthening the case against the builder.
RERA's decision reflects its commitment to enforcing transparency in the property market. By escalating the case to the tax authorities, it aims to deter illegal transactions and hold non-compliant developers accountable for breaches in financial regulations.
The directive for the builder to refund the amount with accrued interest, combined with the handover of the case to tax authorities, signals a stronger enforcement strategy. Homebuyers are likely to gain greater confidence in the system, while developers are reminded that failure to adhere to financial regulations will invite swift and serious action.
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