UP-RERA slaps Rs 3 crore penalty on Ansal API for fund misappropriation

Dated on: Wednesday 28th June 2023

The Uttar Pradesh Real Estate Regulatory Authority (RERA) announced on Tuesday that it has prohibited realty firm Ansal API from engaging in the sale or transfer of any residential properties within its hi-tech township project in Greater Noida. This action has been taken due to the company's non-compliance with regulations. Additionally, Ansal API has been imposed with a penalty of Rs 3.05 crore for the misappropriation of funds amounting to Rs 60.57 crore, collected from home buyers across three distinct projects, as stated by UP RERA.

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