Bhubaneswar: Odisha Real Estate Regulatory Authority (RERA) has slapped a fine of Rs 50 lakh on realtor Twin City Infracon Private Limited for violating Real Estate (Regulation and Development) Act, 2016.
According to sources, an investigation of a case initiated under Sections 35 and 59 of the RERA Act against the realtor found that the promoter, which is developing a twin-city township at Mouza Kuneipada and Madhuban of Baranga tehsil in Odisha’s Cuttack, allegedly sold plots without obtaining registration certificate from RERA.
The authority found that the realtor had sold land carving out small plots from it which is a violation of Section 3 (1) of RERA Act 2016. The promoter also did not obtain any registration certificate to develop the project.
The Enforcement Officer deputed by RERA also found that basic amenities such as drainage system, solid and liquid waste disposal system and water supply system have not been developed by the realtor in the 25 acre land as claimed by it.
The respondent (realtor) in its defence had stated that Twin City Infracon was a one-person company incorporated in October 2018. It was converted into a private limited company in 2023 with Prabhat Kumar Pradhan as its director. The properties that were sold were procured after the formation of a private limited company and did not belong to any projected scheme.
But the authority’s technical team found that the company’s claim was fallacious and the sales were made between 2021 and 2024. The estimated cost of the project as submitted by the Enforcement Officer and empanelled engineer was Rs 167.7 crore. Based on it, the authority imposed a fine of Rs 50 lakh on the realtor to be paid within two months.
RERA chairperson Siddhanta Das, member Judicial Gopal Chandra Patnaik and member (administration) Pradeep Kumar Biswal also directed Twin City Infracon to register the project under Section 3 of the Act.