On Saturday, the Bihar Real Estate Regulatory Authority has ordered to freeze the bank account of the real estate companies. The authority freeze the Patna based developer’s bank account for supposedly building the statement of misleading in replies that show the notices for the project which are not registered.
If you need to know more details about the RERA then you can visit the official website of authority and read the complete all about the Real Estate Regulatory Authority. The RERA authority has excluded the real estate companies from booking the villas, plots, house, and others in the project.
The project is located at the Shivala Mor on the road of Danapur-bihta. The booking process is barred by the Real Estate Regulatory Authority of Bihar chairman Afzal Amanullah. He has taken the action under the section 36 of the Real Estate Regulatory Authority act. RERA chairman said that the leading real estate company took money from the buyer for construction on the project.
RERA issue notice to real estate developers
The developers not prepared the balance sheet since the company creation. In the metro green city project, the huge range of the people has invested their money that the money has not taken off. The Patna green house private limited company took more than ten lakh of money from the investor for the upcoming projects which are the located on Shivala Mor. Due to this reason, the RERA authority of Bihar has blacklisted the real estate company for the first time.
The Real Estate Regulatory Authority act has provided the notice of show cause to over two hundred real estate company. The RERA provide the notice to the developers not comply with the prerequisite to get the registration of residential or commercial project before providing the advertisement of the upcoming projects. After getting the project registration they get the advance money from the buyer.