New Delhi:The Supreme Court on Friday expressed its discontent at the functioning of the Real Estate Regulatory Authority (RERA), saying that it has become rehabilitation centers for former bureaucrats who have frustrated the entire scheme of the RERA Act.
The Real Estate (Regulation and Development) Act, 2016 was passed by the Rajya Sabha on 10th March, 2016 and by the Lok Sabha on 15th March, 2016. The Bill passed by Parliament was assented to by the President on 25th March, 2016. It was enacted to regulate and promote transparency in the real estate sector, protect homebuyers, and ensure timely delivery of projects.
A bench comprising Justices Surya Kant and Ujjal Bhuyan was hearing an appeal in connection with a judgment delivered by the Delhi High Court. The High Court had dismissed pleas seeking directions to banks and financial institutions to refrain from charging pre-EMIs or full EMIs from the petitioners.
During the hearing, the bench made an oral observation in connection with the functioning of the RERA. The bench said it is not keen to talk about the functioning of RERA and added that RERA had turned into a place for former bureaucrats, who have frustrated the scheme of RERA Act, to hold positions after retirement.
"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," said the bench.
