Supreme Court Slams RERA’s Ineffectiveness, Calls for Reform to Restore Its Purpose
The Supreme Court has voiced serious concerns over the Real Estate Regulatory Authority (RERA), describing it as a refuge for retired bureaucrats who have undermined the purpose of the RERA Act. This statement came during a hearing in the case of Bharati Jagat Joshi v. Reserve Bank of India and Others.
Justices Surya Kant and Ujjal Bhuyan expressed their discontent, stating, “We do not want to speak about RERA. It has become rehabilitation centers for former bureaucrats who have frustrated the entire scheme of the Act.” The RERA Act, enacted in 2016, was intended to enhance regulation and transparency in the real estate sector, protect homebuyers, and ensure timely project completion.
The Court was considering an appeal against a Delhi High Court decision that had dismissed petitions requesting banks and financial institutions to halt charging pre-EMIs or full EMIs from homebuyers. The High Court cited the availability of alternative remedies through RERA as a reason for its dismissal.
(With inputs from agency)
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