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Real Estate Regulatory Authorities (RERAs)
Why is it in news?
- Several Real Estate Regulatory Authorities (RERAs) are pushing for more enforcement power.
- Similar to what is enjoyed by consumer forums, including the authority to issue arrest warrants.
- The Consumer Protection Act, 1986, :
- Allows consumer forums to assume the powers of a first class judicial magistrate for the trial of offences under the Act (Section 27.2).
- What RERA Wants?
- RERAs are asking that the RERA Act be amended to give them similar powers.
- Currently, real estate regulators must depend on outside magistrates to implement their orders.
What is RERA?
- RERA, 2016 is a central legislation which aims to regulate the real estate sector. It seeks to empower and protect property consumers and make transactions fair and transparent.
- The RERA Act was enacted under Entry 6 and 7 (dealing with contracts and the transfer of property) of the Concurrent List of the Constitution of India
- Enacted in enacted March 2016, RERA came into effect from May 2017
Source
The HIndu