Gurugram RERA Denies Godrej's Project Extension, Freezes Account for Non-Compliance
Despite numerous reminders, the Godrej Air Phase 4 project’s promoter didn't address application deficiencies, including license renewal and financial discrepancies.
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Gurugram RERA has refused to extend Godrej Developers and Properties LLP's project for Godrej Air Phase 4 in Sector 85, Gurugram. The reason cited is their failure to comply with the Real Estate (Regulations & Development) Act 2016 despite repeated reminders.
The project was supposed to be completed by June 2023, as per the RERA registration obtained by Godrej in December 2018. However, they sought an extension under Section 6 of the RERA Act to finish the project. Despite this, RERA rejected the project extension due to various deficiencies, including issues with license renewal and discrepancies in financial details.
Despite receiving multiple reminders, Godrej failed to rectify these issues. Even after a final notice was sent in February, they did not respond. Consequently, the authority decided to reject the application and freeze the project's bank account. They also warned against any further transactions related to the project and advised the public against booking properties there. Consumer protection in the real estate sector is crucial, and such actions aim to safeguard buyers' interests.
In response, a spokesperson for Godrej stated that they have been cooperating with the authority, providing relevant documents and are in the process of appealing the decision.
In other regions, Godrej Properties has been doing well in terms of sales. In Mumbai's Kandivali, they sold inventory worth Rs 2,690 crore in Q4FY24. Similarly, in projects like Godrej Aristocrat, they offloaded inventory worth over Rs 2,875 crore and achieved sales worth over Rs 2,000 crore in Godrej Tropical Isle in Noida in Q2 FY24. Godrej real estate project in Gurugram faces regulatory challenges despite successes elsewhere.
