RERA Powers and Functions

Why RERA?

Introduction

In RERA i.e. Real Estate Regulatory Authority has been established by the Government to monitor the working of the Real Estate Sector. This authority mandates builders and promoters to disclose all the material information about the project as such every real estate agent must register them and their project with authority.

Accordingly, the main function of the RERA Authority is to provide relief to the buyers by quick dispute redressal. Furthermore, they are also responsible for enforcing accountability and transparency in the real estate industry so as to protect the interest of the buyers.

Within one year from the enforcement of the RERA Act, 2016, every state government needed to establish a RERA Authority. Further, all the duties and functions of RERA Authority are prescribed under the RERA Act. The government has to power to set up one or more RERA Authority the State or UT

Functions of RERA The functions and powers of the Regulation Authority has been defined under the act itself under Chapter V. the powers and functions of RERA can be understood from the below points :  Registration 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

1 Definition under THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

Sec. 34 Functions of Authority, RERA Act 2016

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

It maintains 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.

Regulations

RERA Authority puts together regulations for each area under its jurisdiction including a standard fees that must be levied on the allottees, promoter, or the real estate agent, as the case may be.

Compliance

RERA Authority monitors 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

Powers of RERA

The powers of the RERA Authority are as follows :

• To Call for Information from any Promoter, Allottee or Real Estate Agent;
• To Conduct Examination of the Books of Account, Documents, and Records of the Promoter or Agent;
• To have all the Authorities and Power of a Civil Court under the Code of Civil Procedure, 1908;
• To Issue Interim Orders to Restrain the Promoters, Agents or Allottees from Carrying out any activity in contravention to provisions;
• To Impose Penalty on any Promoter or Agent for doing an act in violations to the provisions of the Act;
• To Amend or Rectify any order within two years for any mistake evident from the record;
• To Recover the amount of Interest, Compensation, or Penalty from the Promoters, Agents, or Allottees.

Conclusion

From the above explanation of function and powers of the authority it can be understood/ concluded that RERA was implemented by the government to solve problems that homebuyers face. It was also launched to create accountability and transparency in the estate industry. The RERA Authority acts as a supervisor over the affairs of the Real Estate Sector. Both the real estate project and the Real Estate Agent need to obtain registration from the authority. It is one of the most significant steps taken by the Central Government. This Act aims to safeguard the home buyers from the Illicit Activities of the Builders in India. Prior to the enforcement of RERA, consumer courts used to deal with homebuyer complaints against builders. These complaints were filed under the Consumer Protection Act. Which would take days to resolve therefore in order to address the issue of real estate a separate authority was formed, with its own powers and functions to look into the matters of this sector and resolve the issues as soon as possible so as to reduce the burden of number of cases every day.