The stage is all set for the establishment of Telangana State Real Estate Regulatory Authority to regulate and promote the real estate sector and ensuring that the sale of a real estate project is efficient and transparent to protect the interest of consumers.
To be headed by a chairman, the authority will consist of not less than two whole-time members. The development comes as part of the Telangana Real Estate (Regulation and Development) Rules notified by the State Government.
The appointment would be made on the recommendations made by a selection committee consisting of the High Court Chief Justice or his nominee, Housing Department Secretary and the Law Secretary.
The panel would choose experts in urban development, housing, real estate development, infrastructure, economics, technical experts from relevant fields, planning, law, commerce, accountancy, industry, management, social service, public affairs or administration.
People with professional experience of at least 20 years would be selected as chairperson and those with experience of not less than 15 years would be selected as members.
The selection panel could appoint a search committee if needed to suggest a panel of names for appointment as chairperson or members of the authority.
Rules mandate that the person who is or has been in the service of the Government should not be appointed as chairperson unless he/she held additional secretary rank post in the Central Government or any equivalent post in the Centre or State government.
Serving or retired officials of the rank of secretary to the State government would be appointed as members.
The chairperson would be paid consolidated monthly salary of ₹ 1.5 lakh and be entitled for ₹ 50,000 a month towards house rent allowance and an additional amount fixed by the Government for hiring a vehicle.
The salary paid to the members would be ₹ 1 lakh per month along with house rent and transport allowance.
The chairperson and the members of the authority would also be entitled for an earned leave of one month after completion of every year of service.
