Himachal Pradesh Real Estate Regulatory Authority ranked second best in country

Himachal Pradesh Real Estate Regulatory Authority (RERA), constituted with the objective of regulating and promoting the real estate sector, has been ranked second best amongst all the RERA authorities across the country. The ranking is based on Himachal RERA’s effectiveness in executing its orders by instituting execution proceedings within one and a half year of its inception. The main objective of the HP RERA is to regulate and promote the real estate sector and ensure that sale of plots, apartments or buildings is done in an efficient and transparent manner. The primary objective is to protect the interest of home buyers in the state. About 38 new real estate projects and 52 agents were registered with the authority within a short period. The authority has decided a large number of cases by hearing the parties online without calling them to visit its office in view of Covid restrictions. All the hearings of complaints are being conducted virtually and the parties are not required to physically visit the RERA office which makes it more convenient for the stakeholders to pursue their cases. More than 260 virtual hearings have been conducted. In these cases, an amount of Rs 6. 55 crores was ordered to be refunded to the house allottees. Out of this sum, about Rs 76 lakhs has already been recovered from the promoters. The HP RERA has also taken initiative to settle matters amicably between parties as a result of which Rs 52 lakhs has been refunded. Apart from refund, a penalty of more than Rs 2.27 crores was also imposed on the builders and promoters for contravention of provisions of Real Estate (Regulation and Development) Act, 2016. Till today 14 execution petitions have been filed by allottees and nine execution petitions have been registered suo moto against promoters and builders. A total of Rs 35 lakhs has also been realised as penalty from the builders and promoters. The authority has formulated regulations no. 2, 4 and 5 to facilitate and regulate the filing of quarterly progress reports (QPRs) and annual progress reports (APRs) online. The allottees and home buyers are at liberty to see the progress of homes and apartments through these QPRs. The new website of RERA is under process of development through the NIC. Source: The Tribune