What are the important responsibilities of the ‘Regulatory Authority RERA’
Immediate responsibility of the Regulatory Authority are:
1. Registration of the real estate project and the real estate agent
2. Extension of registration of the real estate project and its revocation;
3. Renewal of registration of the real estate agent and its revocation;
4. As per section 34 the Authority is responsible to maintain a website of records for public viewing of –
all projects registered with the Authority including details of projects as specified in the Act and the rules and regulations – to be disclosed on the website;
details of promoters with photographs of promoters;
details of projects in case of revocation of registration or where any project penalized under the Act;
details of agents registered under the Act including his photograph and also of those agents whose registration has been revoked.
5. As per section 71 the Authority is required to appoint one or more ‘adjudicating officer’ in consultation with appropriate Government.
6. As per section 85 the Regulatory Authority is required to notify Regulations within 3 months of establishment.
7. As per section 32 the Regulatory Authority is also required to make recommendations on various matters for the growth and promotion of a healthy, transparent, efficient and competitive real estate sector.