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Realtors' body CREDAI today demanded that the Centre should direct state governments to set up appellate tribunal under the new real estate regulatory law being implemented from May this year.
CREDAI has written a letter to Minister for Housing and Urban Affairs Hardeep Singh Puri "to intervene in a bid to facilitate the successful implementation of the Real Estate Appellate Tribunal under Section 43 of the real estate regulatory authority (RERA) Act in the country."
Welcoming this law, CREDAI stressed on the need to set up the tribunal to proficiently address home buyer grievances and achieve the objective laid down in the law.
CREDAI National President Jaxay Shah said: "We at CREDAI have extended our complete support in the implementation of the Real Estate Regulation and Development Act (RERA)."
"However, to be able to further fulfil the purpose of the act, it is imperative that appropriate guidelines be established for the concerned authorities to set up the Real Estate Appellate Tribunal at the earliest," he added.
The interest of homebuyers, one of the most important stakeholders in the real estate industry, must be protected, Shah said.
CREDAI, in its letter, recognised RERA as a game changer for the sector which will facilitate the long term growth of the Indian real estate industry.
However, the association underlined the disparity between states in regards to the implementation of the act with regions such as Maharashtra, albeit still lacking a tribunal, setting the benchmark while many states namely West Bengal still struggling with the process.
"Overall, this discrepancy has led to certain negative implications with the lack of infrastructure and notification of RERA rules further leading to various delays and loss of revenue for the state and central governments," the statement said.
CREDAI highlighted the necessity for setting up of the tribunal to decrease the need and participation of the higher courts to facilitate matters between different parties.
Stating that over 235 judgements have been delivered by the MahaRERA authority till date, Credai said that many of these cases are expected to reach high court for a resolution and hence there is a need tribunal.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)