The Real Estate Regulation and Development Bill, 2013 empowers the real estate consumers and ensures timely development by builders, proper selling by registered agents, corrective measures and provisions for defaulters.
The bill intends to develop three primary bodies at various levels of the government, that are:
Real Estate Regulatory Authority (RERA):
It proposes to set up RERA at the state level for all real estate projects, developers and brokers. They are required to be registered with this authority to function in various states.
Central Advisory Council (CAC):
It will be chaired by the ministry of central government dealing with housing. It will consist of members from the central and state level, and private members designed to advise on matters concerned with the implementation of the act, focusing on consumer protection.
Real Estate Appellate Tribunal (REAT):
Its aim is to settle disputes related to the provisions of the Real Estate Act, once it is implemented.
But what exactly Real Estate Appellate Tribunal means?
The bill provides several directions about registering, developing and selling projects to customers. The aim is to fast track the process of dispute resolution and passing judgements relating to the provisions of the Bill to ensure implementation of the act.
Composition & Powers of Real Estate Appellate Tribunal:
It will consist of a chair person and two other members. It will also consist of adjudicators who will evaluate real estate projects being executed and file complaints to REAT.
It has the powers of a civil court and hugely simplifies the process of dispute redressal as the tribunal focuses solely on the real estate sector. The bill does not stop buyers from consumer courts which they can approach in case they are not satisfied with the decision of REAT.
The matters of land development have been addressed at the state level. Once the bill is implemented it will come under the central jurisdiction and the central laws will apply. It is expected that all Real Estate cases will come under the Tribunal.