NEW DELHI: The Supreme Court was on Tuesday critical of the functioning of the Real Estate Regulatory Authority (RERA) and termed it as “disappointing”. A bench of Justices Surya Kant and N Kotiswar Singh, which was hearing a plea related to private builders, was told by senior advocate K Parameshwar that the RERA Act has actually failed in its implementation.
Parameshwar, who was appearing in the matter related to Mahira Homes Welfare Association, said if the project fails, it affects various stakeholders and sought the court’s intervention in strengthening the regulatory mechanism for the real estate sector.
Justice Kant agreed with Parmeshwar’s submissions and said the functioning of the regulatory authority under the RERA was disappointing but said the state may oppose new regulatory measures.
The Real Estate (Regulation and Development) Act, 2016, was enacted by Parliament to regulate the real estate sector and protect home buyers’ money invested in housing projects.
