What is the role of the RERA Authority?

What is the role of the RERA Authority?

RERA stands for Real Estate Regulation and Development Act of 2016. In order to protect home buyers from illegal builders’ activities, this law was enacted. The purpose of this blog is to describe the roles and influences of the RERA Authority.  Before RERA, homebuyers complained to the country’s consumer courts about builders. The grievances were filed under the Consumer Protection Act. 

Nevertheless, the Act of RERA has created various forums including the RERA Authority, Appellate Tribunal, and Adjudicating Officers. Forums like these handle RERA complaint about reimbursements from builders and delayed possession of homes.

We will learn more about the RERA Act and its functions and duties toward Indian home buyers in this blog post. In addition, this blog will be helpful to you if you are interested in investing in or registering a property soon. 

What is RERA Authority?

Regulatory Authority is an abbreviation for Real Estate Regulatory Authority. The government established it to oversee the real estate market. In order to facilitate property sales and purchases and to make them more transparent, the government introduced the system. 

The authority requires builders and property promoters to disclose all relevant project information. Moreover, every agent in the real estate industry must register themselves and their projects.  In order to provide relief to buyers, the RERA Authority resolves disputes as quickly as possible. Additionally, the Authority enforces accountability and transparency in the industry.

As soon as the RERA Act was implemented in 2016, the government of each state was required to establish a RERA Authority. Moreover, the RERA Act specifies the responsibilities and functions of the RERA Authority. In each state or territory, the government of India has the authority to establish a RERA Authority. 

Additionally, the RERA authority is a corporation. As a result, it has a common closure and an uninterrupted succession of properties. In addition, the Body has the authority to own, acquire, sell, and enter into contracts with fixed and portable property.

How Does the RERA Authority Function? 

As a result of the RERA Authority, the following functions are performed:

  • Regulate & Register: The authority is responsible for listing and controlling real estate agents and projects.
  • Maintaining and publishing records: Records related to project must be published and maintained for the public to see
  • Database of Promoters: It must maintain a website listing all projects. Photographs and evidence are stored in the database for promoters or projects with revoked licenses
  • Record All Real Estate Agents: The RERA authority must keep a record of all real estate agents. Additionally, it lists and photographs revoked or banned agents
  • RERA Authorities must rebuild the rules and regulations that govern each area under their jurisdiction. It may also specify fees for allottees, promoters, and agents
  • Ensures compliance with obligations: This authority ensures that all obligations imposed on builders, property allottees, and estate agents are met.
  • Follows all guidelines and orders: It must make sure that all its guidelines and orders are followed.

The RERA Authority’s role in promoting real estate

In order to help the estate sector grow and be promoted, the Authority of RERA can make recommendations to the Central Government. Among the areas in which it can make recommendations are: 

  1. Protecting the interests of promoters, builders, allottees, and estate agents; 
  2. Implementation of a single-window instrument to confirm timely approval of projects; 
  3. Creating a robust grievance resolution process that contradicts the act, instruction, and omission of the competent authority;
  4. Promoting real estate investments; 
  5. Supporting the reasonable housing sector financially; 
  6. A method for promoting the development of eco-friendly and affordable housing 
  7. Promoting the use of suitable building fixtures, fittings, techniques, and materials; 
  8. Several development factors, including promoter grading, can be used to encourage development grading; 
  9. A method for resolving disputes between house allottees and developers amicably; 
  10. Digitization methods for land records;
  11. Assist the government with RERA matters related to the real estate sector’s progress. After receiving a referral from the government, guidance must be provided within two months; 
  12. Any other case the RERA authority deems necessary for the growth and up-gradation of the real estate industry. 

Duties and Powers of RERA Authority

In India, the RERA Authority has the following powers and duties:

  1. Data may be requested from any allottee, promoter, or estate agent; 
  2. Examine the promoter’s or agent’s records, accounts, and documents.
  3. In accordance with the Code of Civil Procedure, 1908, to have all the establishments and powers of a Civil Court; 
  4. To issue Temporary Orders detaining Promoters, Allottees, and Agents from engaging in any activity that violates the requirements;
  5. In order to enforce a price on any Builder or Agent who violates the Act; 
  6. To inform the Competition Commission of India of a matter or situation. A certain monopoly condition has harmed the interests of allottees. 
  7. It is possible to amend or rectify any order within two years if it contains a mistake;
  8. Obtaining interest, penalties, and compensation from agents, allottees, and promoters.

Conclusion

Real Estate Regulation and Development Act (RERA) authority in detail and the essential functions performed by RERA authority are explained in this article. Additionally, we have discussed how the RERA authority promotes the real estate industry. This article also discusses the duties and powers of the RERA Authority in India. 

RERA was implemented by the government of India to address problems faced by property purchasers. Furthermore, the Act was launched to increase transparency and responsibility in the real estate industry. Real estate is regulated by the Authority. There is, however, a requirement for the agent and the project to be registered. 

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