Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

THE REAL ESTATE REGULATORY AUTHORITY

Other Topics - By: - Mr. M. GOVINDARAJAN - Dated:- 22-7-2016 - Introduction The Real Estate (Regulation and Development) Act, 2016 ( Act for short) was enacted and received the assent of the President of India on 25.03.2016. The following provisions came into effect from 01.05.2016, while other provisions are yet to be notified- Section 2; Sections 20- 39; Section 41 - 58; Section 71 - 78; and Section 81 - 92. The objects of the said Act are- To establish for regulation and promotion of the real .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

thority Chapter V of the Act deals with the establishments, functions and powers of . Establishment Section 20 of the Act provides for the establishment of Real Estate Regulatory Authority ( Authority for short) by the appropriate Government. Section 2(g) of the Act defines the term appropriate government as in respect of matters relating to- the Union Territory without Legislature, the Central Government; the Union territory of Puducherry, the Union territory Government; the Union territory of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

territory as the case may be. Interim Authority Until the establishment of Authority, the appropriate Government shall, by order, designate any Regulatory Authority or any officer preferably the Secretary of the Department dealing with Housing, as the Regulatory Authority for the purposes under this Act. After the Establishment of the Authority, all applications, complaints or cases pending with the Authority designated, shall stand transferred to the Authority so established and shall be heard .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d not less than 2 whole time members to be appointed by the appropriate Government. The Chairperson and other members shall be appointed by the appropriate Government on the recommendations of a selection Committee consisting of- The Chief Justice of the High Court or his nominee; The Secretary of the Department dealing with Housing and the Law Secretary in such manner, as may be prescribed, from amongst persons having adequate knowledge of and professional experience of at least 25 years in cas .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

uivalent post in the Central Government or State Government. A person, who is, or has been, in the service of the State Government shall not be appointed as a member unless such person held the post of Secretary to the State Government or any equivalent post in the State Government or Central Government. Before appointing any person as a Chairperson or Member, the appropriate Government shall satisfy itself that the person does not have any such financial or other interest as is likely to affect .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e, involving moral turpitude; or has become physically or mentally incapable of acting as a Member; or has acquired such financial or other interest as is likely to affect prejudicially his functions; or has so abused his position as to render his continuance in office prejudicial to the public interest. The Chairperson or Member shall not be removed from his office on the ground except the last two grounds, by an order made by the appropriate Government, after an inquiry made by a Judge of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ary and allowances payable to, and the other terms and conditions of service of, the Chairperson and other Members shall be such as may be prescribed and shall not be varied to their disadvantage during their tenure. Administrative powers of chairperson Section 25 provides that the Chairperson shall have powers of general superintendence and directions in the conduct of the affairs of the Authority and he shall, in addition to presiding over the meetings of the Authority, exercise and discharge .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ment or a local authority or in any statutory authority or any corporation established by or under any Central, State or provincial Act or a Government Company, which is not a promoter as per the provisions of this Act; act, for or on behalf of any person or organization in connection with any specific proceeding or transaction or negotiation or a case to which the Authority is a party and with respect to which the Chairperson or such Member had, before cessation of office, acted for or provided .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or reveal to any person any matter which has been brought under the consideration or known to him while acting as such. Meetings of Authority Section 29 provides that the Authority shall meet at such places and times and shall follow such rules of procedure in regard to the transaction of business at its meeting, including quorum at such meetings, as may be specified by the regulations made by the Authority. If the Chairperson for any reason, is unable to attend a meeting of the Authority, any o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of receipt of the application. If such application could not be disposed within the said period, the Authority shall record its reasons in writing for not disposing of the application within that period. No act or proceeding of the Authority shall be invalid merely by reason of- any vacancy in, or any defect in the constitution of, the Authority; or any defect in the appointment of a person acting as a Member of the Authority; or any irregularity in the procedure of the Authority not affecting .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he appropriate Government of the competent authority, as the case may be, on- protection of interest of the allottees, promoter and real estate agent; creation of a single window system for ensuing time bound project approvals and clearances for timely completion of the project; creation of a transparent and robust grievance redressal mechanism against acts of omission and commission of competent authorities and their officials; measures to encourage investment in the real estate sector includin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

dispute settlement for a set up by the consumer or promoter association; measures to facilitate digitization of land records and system towards conclusive property titles with title guarantee; any other issue that the Authority may think necessary for the promotion of the real estate sector. Section 34 provides that the functions of the Authority shall include the following- to register and regulate real estate projects and real estate agents registered under this Act; to publish and maintain a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for access to the general public; to maintain a database on its web site, for public viewing, and enter the names and photographs of real estate agents who have applied and registered under this Act, such details as may be prescribed, including those whose registration has been rejected or revoked; to fix through regulations for each areas under its jurisdiction the standard fees to be levied on the allottees or the promoter or the real estate agent, as the case may be; to ensure compliance of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version