Context:
Supreme Court criticized RERA’s performance, calling it “disappointing.”
Real Estate Regulatory Authority (RERA):
- Established under the Real Estate (Regulation and Development) Act, 2016.
- All States/ UTs have notified Rules under RERA except the State of Nagaland.
- Purpose – To protect homebuyers’ interests and promote transparency in the real estate sector
Salient Provisions of Real Estate (Regulation and Development) Act, 2016:
- Registration of Real Estate Projects: All real estate projects (having a plot size of above 500 sq. meters or more than 8 apartments) must be registered with RERA
- Establishes Appellate Tribunal, allowing consumers to file complaints against developers, buyers, or agents violating the Act.
- Promoters need approval from 2/3rds of allottees and RERA before transferring project rights.
- Depositing 70% of the funds collected from buyers in a separate escrow bank account for construction of that project only.
- Developer’s liability to repair structural defects for 5 years.
- Both promoter and buyer are liable to pay an equal rate of interest in case of any default from either side.
- RERA can stop an agent, promoter, or buyer from continuing any activity if a complaint is raised.
- Punishment – Imprisonment of up to 3 years for developers and up to 1 year in case of agents and buyers for violation of orders of Appellate Tribunals and Regulatory Authorities.
- Legal Restrictions –
- Civil courts have no jurisdiction over matters under RERA or its Appellate Tribunal.
- No court can grant an injunction against RERA’s decisions.
Source: ET
Previous Year Question
In India, what is the role of the Coal Controller’s Organization (CCO)?
1. CCO is the major source of Coal Statistics in Government of India.
2. It monitors progress of development of Captive Coal/Lignite blocks.
3. It hears any objection to the Government’s notification relating to acquisition of coal – bearing areas. 4. It ensures that coal mining companies deliver the coal to end users in the prescribed time.
Select the correct answer using the code given below:
[UPSC Civil Service Exam – 2022 Prelims]
(a) 1, 2 and 3
(b) 3 and 4 only
(c) 1 and 2 only
(d) 1, 2 and 4
Answer: (a)
Explanation:
Statement 4 is not correct: Ensuring that coal mining companies deliver the coal to end users in the prescribed time is not the function of the Coal Controller’s Organization (CCO)
