The agonising wait of the real estate industry to see a full-fledged Real Estate Regulatory Authority and an appellate tribunal continues.
More than one-and-a-half month has passed after notifying rules under the Real Estate (Regulation and Development) Act and the Government is yet to commence the process for putting in place the designated authority to monitor and deal with the real estate related issues.
The development comes in the light of the concerns expressed by the real estate industry about the infrastructure that would be put in place for the regulator to function and the time impact of the delay on the constitution of the empowered bodies on the sector.
Concerns
According to rules, the Government should appoint a selection committee comprising the Chief Justice of High Court or his nominee and secretaries of Municipal Administration and Law departments as members for recommending eligible names as chairman and members of the authority.
File with CM
A file seeking Chief Minister K. Chandrasekhar Rao’s approval for constitution of the selection committee had been sent to him recently and the officials are awaiting his consent to take steps for taking the process forward.
Since the constitution of the authority and tribunal are expected to take some time, the Municipal Administration Department had sent a file seeking designation of the department’s secretary as the regulatory authority to receive and scrutinise applications from the prospective entrepreneurs in the interim.
Other option
Even this file is said to be with the Chief Minister’s office awaiting the approval of the Chief Minister.
“It will take time. The regulator has to be named first and then a tribunal had to be constituted to exclusively deal with real estate related issues,” a senior official of the department told The Hindu .
