The Real Estate Regulatory Authority (RERA) has directed the promoters of realty firm ILD to complete a stalled housing project at Sector 37C here while issuing a warning of punitive action.

Hearing a plea of homebuyers, RERA Chairman K K Khandelwal directed the realty company to submit a resolution plan in the next hearing on September 7 to complete the project which was launched way back in 2008-09.

Seeking strict action against the builder, homebuyers alleged in the plea that the builder did not comply with the RERA’s earlier direction to complete the project and hand over units to the allottees.

The RERA chairman came down heavily on ILD promoter Salman Akbar who was present in the office during the hearing.

In a warning to the builder, the authority said the project has to be completed anyhow and the builder’s land, offices, plots, flats etc would be attached or auctioned to accrue deficient money to complete the project, a RERA release said.

Khandelwal scrutinised the documents of builders to ascertain sold, unsold and mortgaged properties and issued directions to freeze all money transactions with immediate effect.

Finding noncompliance with RERA orders, the chairman warned the builder of putting promoters behind the bars.

“We give you the last opportunity to resolve the issue of aggrieved allottees without wasting time,” said Khandelwal.

ILD launched a residential project of six towers at Sector 37C in 2008-09 and collected 70-80 per cent of the amount from 192 buyers with the promise to hand over the units to allottees by 2010-11. However, the project still hangs in balance.

The RERA’s order issued on Friday has brought big relief to the aggrieved buyers as many of them have borrowed from banks and are paying EMIs without getting possession of their dream home even after more than a decade.

Anguished over the builder, the authority issued an order to attach Salman Akbar’s personal vehicle which it withdrew after the promoter assured to comply with the order.