The Central Government on Monday constituted a committee to overlook the real estate law- RERA in order to suggest recommendations to strengthen the existing law. The Real Estate (Regulation and Development) Act, 2016 was enacted to protect home buyers and to boost investments in the Real Estate industry.
The Act suggested for establishment of Real Estate Regulatory Authority (RERA) in each State for regulation and adjudication to facilitate for speedy redressal. The decision to form a committee was to remove difficulties in the implementation of RERA. The committee is to headed by Union Housing and Urban Affairs Joint Secretary Shiv Das Meena. The decision to form a committee came after four workshops which were held where stakeholders like the home-buyers insisted for effective implementation of RERA.
RERA empowers states to notify their rules and appoint regulatory authority. At present, 28 states and all Union Territories have notified rules under the real estate law. The committee will also look into whether changes are to be made under the removal of difficulties of the Central law’s clause and make amendments if necessary. The panel will hold its first meeting on January 3rd.
Tags : #RERA #Real #Estate #Amendment #Committee #Implementation