Functions of RERA
Functions of RERA – Real Estate Regulatory Authority
The Real Estate (Regulation & Development) Act, 2016 has included, among its many regulations, a provision for the establishment of a state level Real Estate Regulatory Authority (RERA). The founding objective of this body is to monitor the real estate sector and adjudicate disputes related to real-estate projects. In this article, we look at the main functions and duties of RERA.
RERA Authority is entrusted with the registration and regulation of real estate projects and real estate agents registered under the RERA Act.
Publishing and Maintenance of Records – Real Estate Projects
RERA authority is required to publish and maintain a website of records of all registered real estate projects. It must contain the prescribed details, including information provided in the application for which registration has been granted. This must be made available for public viewing.
Maintenance of Database – Real Estate Agents
RERA authority must maintain a database on its website of all registered real estate agents, intended for public viewing. Further, the authority is required to enter the names and photographs of real estate agents who have applied and registered under the Act, with the prescribed details, including those whose registration has been rejected or revoked.
RERA Authority must fix through regulations for each area under its jurisdiction a standard fees that must be levied on the allottees, promoter, or the real estate agent, as the case may be.
RERA Authority should monitor compliance of the obligations cast upon the promoters, allottees and real-estate agents under the Act and the rules and regulations made thereunder. Besides, it must ensure the compliance of its regulations, orders or directions made in exercise of its powers under this Act.
Promotion of Real Estate Sector
Other than the above mentioned functions, the Authority, for the purpose of facilitating the growth and promotion of a healthy, transparent, efficient and competitive real-estate sector, make the following recommendations to the appropriate Government of the competent authority:
- Promotion of interest of the allottees, promoter and real-estate agent.
- Formation of a single window system for ensuring time-bound project approvals and clearances for timeous completion of the project.
- Creation of a transparent and robust grievance redressed mechanism against acts of omission and commission of competent authorities and officials.
- Measures to promote construction of environmentally sustainable and affordable housing, and encouraging standardization and use of appropriate construction materials, fixtures, fittings and construction techniques.
- Measures to encourage grading of projects on a variety of parameters of development, which includes grading of promoters.
- Measures to encourage cordial appeasement of disputes between the promoters and allottees through dispute settlement forums set up by the consumer or promoter associations.
- Measures to facilitate digitization of land records and system towards conclusive property titles with title guarantee.
- To serve the appropriate Government in matters relating to the development of real estate sector.
- Other relevant issues in connection with the promotion of the real-estate sector.