Article on "RERA AND ITS FUNCTIONS" by Nandini

 

  NANDINI

  BBA.,LLB

  2^ND SEM

  BENNETT UNIVERSITY (SCHOOL OF LAW)             

 

Gone are the days when anybody could cheat anyone on making an offer concerning Real Estate, the realities which were hidden are now clear as plain glass of water. The transparency is ensured in all the agreements and all this is possible because of REAL ESTATE REGULATORY AUTHORITY (RERA) that lays down whole new rules and regulations governing all the real estate project agreements and ensures to maintain transparency and avoid all kinds of discrepancies. Having been launched on May 1, 2016, the RERA Act attained its full-fledged position on May 1, 2017, governing all the real estate projects. The only motive of RERA is to make certain that the work done in Real Estate Sector is done with honesty, greater transparency, prompt and appropriate dispute redressal, safeguarding interests of abode buyers and even to heighten investments in the Real Estate (RE) sector.

For a layman it is a bit arduous to understand the standards and functions of the above read Act, I will endeavour to be precise yet illustrative to make these standards easily penetrable for all.

·       RERA lays down the rule of registration where it corroborates that all the builders, contractors, promoters, real estate projects and all the real estate agents are registered under the RERA Act by filling up an application form and are illiberally following its guidelines.

·       RERA maintains database of all the registrations with complete detail and publishes it on its website from where the common man and other concerned authorities can have a look at it. Basically, allowing public viewing of the data.

·       It also publishes as to who all are the agents whose registration has been spurned and rescinded.

·       Along with all these functions, RERA keeps a record of all the activities like all the projects relating to real estate registered under it and even fixes some amount of fees that is imposed on the agents, builders, promoters of a particular state or city and even an area.

·       RERA also has concern with the disputes and complaints that are lodged. It has competency, potentiality and powers to listen to all the complaints and cases filed regarding the violation of norms of RERA. It safeguards the interests of the person investing in real estate making sure that all the rules of RERA are properly executed.

·         Another important work of RERA is to promote the real estate sector among the people to facilitating its growth and even building up trust of people in infusing capital in real estate.

·       Like the honorable Judges of Courts hear the cases, in a indistinguishable manner the Adjudicating Officer who is appointed by the RERA of a state has the powers to welcome or reject a particular case or the complaints lodged against a promoter or builder.

All the above explained functions of RERA are defined under Section 34 of REAL ESTATE REGULATORY AUTHORITY ACT, 2016.

The need of RERA arose because of the liberal listening of the complaints of the people and most of the time decisions heavily in favor of the builders and developers. Looking at the broad motive of RERA, we can simply culminate that its main aim is to create and guarantee fair and transparent transaction among the buyers and sellers of the property. RERA works separately in each state and union territory yet with the same aim. The spirit of this Central Act is to ensure accountability, transparency, hearing complaints related to real estate, promotion and growth of the sector, equitability and fairness.