The Supreme Court on Tuesday voiced significant concerns over the effectiveness of the Real Estate Regulatory Authority (RERA), describing its functioning as “disappointing.” The criticism came during a hearing involving a plea related to private builders, where senior advocate K Parameshwar highlighted the shortcomings in the implementation of the RERA Act.
Justices Surya Kant and N Kotiswar Singh, presiding over the case, were informed by Parameshwar, representing the Mahira Homes Welfare Association, about the negative impacts of project failures on various stakeholders within the real estate sector. He urged the Court to intervene and bolster the regulatory framework to ensure more robust oversight and protection.
Justice Kant acknowledged the validity of Parameshwar’s concerns and concurred with the assessment of RERA’s underwhelming performance. However, he noted that proposals for new regulatory measures might face opposition from state entities.
The Real Estate (Regulation and Development) Act of 2016 was originally passed by Parliament with the intention of regulating the sector and safeguarding the investments of homebuyers in housing projects.
