New Delhi, Apr 14: Expressing displeasure over the functioning of the Real Estate Regulatory Authority (RERA), the Supreme Court had said that it has become a rehabilitation centre for former bureaucrats to hold positions after retirement.
“We do not want to speak about RERA. It has become a rehabilitation centre for former bureaucrats who have frustrated the entire scheme of the Act,” a Bench of Justices Surya Kant and Ujjal Bhuyan said.
The court was hearing an appeal filed against a Delhi High Court judgment that dismissed pleas seeking directions to banks and financial institutions to refrain from charging pre-EMIs or full EMIs from the petitioners.
The Real Estate (Regulation and Development) Act, 2016, popularly known as RERA, was enacted to bring about much-needed reform in India’s real estate sector. The main objective of RERA was to encourage greater transparency, citizen-centricity, accountability, and financial discipline, thus empowering home buyers and boosting the economy.
The Delhi High Court had dismissed many home purchasers' petitions asking banks and financial institutions not to impose EMIs till real estate developers handover possession of their particular units.
The petitioners have alternative remedies under several statutes, including the Consumer Protection Act, the Insolvency and Bankruptcy Code, and the Real Estate Regulation and Development Act, according to Judge Purushaindra Kumar Kaurav, who refused to hear the writ petitions.
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