India News | Functioning of RERA Disappointing, Says SC
Get latest articles and stories on India at LatestLY. The Supreme Court was on Tuesday critical of the functioning of the Real Estate Regulatory Authority (RERA) and termed it as "disappointing".
New Delhi, Mar 4 (PTI) The Supreme Court was on Tuesday critical of the functioning of the Real Estate Regulatory Authority (RERA) and termed it as "disappointing".
A bench of Justices Surya Kant and N Kotiswar Singh, which was hearing a plea related to private builders, was told by senior advocate K Parameshwar that the RERA Act has actually failed in its implementation.
He pointed to the "domino effect" engulfing the real estate sector and said if one project of a builder fails, then his other projects also collapse and the courts cannot adjudicate matters related to the failed project.
Parameshwar, who was appearing in the matter related to Mahira Homes Welfare Association, said if the project fails, it affects various stakeholders and sought the court's intervention in strengthening the regulatory mechanism for the real estate sector.
Justice Kant agreed with Parmeshwar's submissions and said the functioning of the regulatory authority under the RERA was disappointing but said the state may oppose new regulatory measures.
The Real Estate (Regulation and Development) Act, 2016, was enacted by Parliament to regulate the real estate sector and protect home buyers' money invested in housing projects.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)