Expressing displeasure over the functioning of the Real Estate Regulatory Authority (Rera), the Supreme Court on Friday said it has become a rehabilitation centre for former bureaucrats to hold positions after retirement.
“We do not want to speak about Rera. It has become a rehabilitation centre for former bureaucrats who have frustrated the entire scheme of the Act,” a Bench of Justices Surya Kant and Ujjal Bhuyan said.
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The court was hearing an appeal filed against a Delhi High Court judgment that dismissed pleas seeking directions to banks and financial institutions to refrain from charging pre-EMIs or full EMIs from the petitioners.
The Real Estate (Regulation and Development) Act, 2016, popularly known as Rera, was enacted to bring about much-needed reform in India’s real estate sector.
The main objective of Rera is to encourage greater transparency, citizen-centricity, accountability, and financial discipline, thus empowering home buyers and boosting the economy.
First Published: Sep 27 2024 | 7:05 PM IST
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