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Centre for RERA in State to protect home buyers




 The Centre has urged the Odisha Government to set up a State Level Real Estate Regulatory Authority (RERA)

Once RERA is established, the home buyers and customers of commercial estate can register their appeals against any form of cheating or misrepresentation by the Real Estate Firms, said sources.

The Ministry of Housing & Urban Poverty alleviation (MoHUPA) has asked the State Government also to set up a State Appellate Tribunal for this purpose. MoHUPA after notifying the Real Estate Regulation and Development Act, 2016 has already approved the Rules for implementation of the Act, said sources.

Accordingly the State Government will frame Rules under this Act and as per the stipulated time frame the State’s rules under the statute will come into force from May 1, 2017.

The sources said, under the prevailing laws the Authority can seek from the developers details of land such as the nature of rights and interest of the promoter on the land to be developed, the area and location of the land as well as the layout plan of the project.

The Authority can also seek information and even evaluate the financial, technical and managerial capacity of the promoter, they added. The Authority, according to the Act, may in the interest of the allottees, enquire into the payment of amounts imposed as penalty, interest or compensation, paid or payable by the promoter, they added. It will also be mandatory for the Real Estate Promoter to get the accounts pertaining to a project audited within six months after the end of every financial year by a Chartered Accountant in practice, the sources said.

Similarly the State Appellate Tribunal will adjudicate cases in a stipulated time frame of 60 days, they said. All residential and commercial real estate properties that are over a minimum area of 500 square metre or having more than eight flats come under the purview of the legislation, including projects beyond urban areas.

Under the Act, builder face imprisonment of up to three years and/or monetary fine while buyers and estate agents are liable for one-year imprisonment or/and a fine if they do not abide by the ruling of the Appellate Tribunal, sources said.

Notably, MoHUPA has convened the meeting of All Secretaries of the Housing & Urban Development of the States on January 17 to discuss the issues.

Minister Housing & Urban Poverty Alleviation M Venkaih Naidu, Secretary MoHUPA Nandita Chaterjee and other senior officials of MoHUPA will interact with the State Secretaries and chart out a road map for implementation of the Act, said Joint Secretary Housing in MoHUPA Rajiv Ranjan Mishra.

Issues regarding establishment of Authority, Tribunal, constitution of Real Estate Regulatory Fund and other issues will be discussed at the day-long deliberations, said sources.






Editorial

Précis 2017
From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.

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