RERA must be amended for more power to regulatory authorities, say MP and Haryana realty regulators
Pointing out that realty law RERA is not "perfect Act" and "badly drafted", real estate regulators of Haryana and Madhya Pradesh on Tuesday said the legislation needs to be amended to give more power to them for implementation of orders as well as remove ambiguity related to adjudicating authority.
Insolvency and bankruptcy law should also be amended to first allow real estate regulators under RERA to find resolution of stalled projects within six months, before starting the bankruptcy proceedings, they added.
Speaking at the RICS real estate conference, Anthony de Sa, chairman (MP-RERA), said the Real Estate (Regulation & Development) Bill, known as RERA, is not a "perfect Act" and requires amendments.
The law, which was passed in 2016 but came into effect from May 2017, seeks to bring transparency into the sector by eliminating fly-by-night operators.
K K Khandelwal, chairman, Haryana RERA (Gurugram), termed the RERA as "badly drafted piece of legislation" and said there are ...