Will open new vistas of development: MoHUA
Timely, quality construction of projects
Sanjeev Pargal
JAMMU, Oct 12: The Union Territory of Ladakh today became 34th State/UT to implement the Real Estate Regulation Act (RERA), which will open new vistas of real estate development in the Himalayan region by ensuring efficient and transparent transactions.
A 43-page notification to this effect has been issued by the Union Ministry of Housing and Urban Affairs (MoHUA).
The RERA will come into effect in the Union Territory of Ladakh immediately, official sources told the Excelsior.
A Real Estate Regulatory Authority will be established under the Act, they said.
Durga Shankar Mishra. Secretary, Union Ministry of Housing and Urban Affairs, in a couple of tweets, also announced implementation of RERA in Ladakh.
“Extremely happy to share that Ladakh becomes the 34th State/UT, which has notified Rules under Real Estate Regulation Act. It paves the way for implementation of this transformative legislation in Ladakh, opening new vistas of real estate development journey,” Mishra said in a tweet.
Through another tweet, Mishra said the new Rules will ensure efficient and transparent transactions besides timely delivery and quality construction of real estate projects.
As per the Notification, every real estate agent will be registered. The registration will be granted or rejected by the Real Estate Regulatory Authority within a period of 30 days. The Authority has been vested with powers to revoke registration of the real estate agent.
“The real estate agent will provide assistance to enable the allottee and promoter to exercise their rights and fulfill obligations at the time of booking and sale of any plot, apartment or building,” the Rules said.
The Authority will be required to keep all information pertaining to the promoter on its website.
The Chairperson and other Members of the Authority will be selected by the Central Government. The Selections will be made through detailed procedure which has been laid down in the Notification including constitution of a Selection Committee which will make recommendations to the Central Government.
The Authority has been vested with powers like calling upon experts or consultants from the field of Economics, Commerce, Accountancy, Real Estate, Competition, Construction Architecture, Law, Engineering or from any other discipline as it deems necessary to assist it in the conduct of any inquiry or proceedings before it.
There will be a Central Advisory Council to prepare draft recommendations and invite comments from stakeholders, experts and civil society. After receiving comments, the Council will finalize recommendations after incorporating such comments as it may deem appropriate and refer them to the Central Government which will have the authority to accept such recommendations in entirety, with amendments, if any, refer back recommendations to the Council with comments and consideration and reject such recommendations.
There will also be a Real Estate Appellate Tribunal.
The Real Estate Regulatory Authority will prepare budget, maintain proper accounts and other relevant records and draft an annual statement of accounts.
Follow our WhatsApp channel
