Gurgaon: The Government of Haryana will be forming a Real Estate Regulatory Authority to bring in decorum and regularize the functioning of this sector. This proposal will be laid down in the upcoming budget session which will begin on the 22nd of February.
This new forum will come into existence to safeguard the interest of the prospective buyer. It will also act a redressal cell which will attend to buyer grievances and complaints. With real estate catching pace in this State, the need to inject civility has become decisive.
Introducing a single window system will straighten the system of grievance handling and make it more transparent. Till now consumer complaints, related to real estate, were directed to the civil courts. With numerous cases piling up in the court timely judgments were deferred. In order to administer relief to complainants, at the earliest, the State Government has instilled the idea of introducing a real estate forum which will ensure quick settlement of these issues.
The Real Estate Regulatory Authority will be responsible to look into project approvals, deadline fulfillment, buyer-seller mutual agreements and dispute settlements. The regulatory forum will be headed by a chairman and two associate members.
With the real estate regulatory becoming fully functional, fraudulent activities will be curbed to a major extent. This will keep a thorough check on the real estate transactions across the State and ensure lucidity its related sectors as well.