The national capital has finally got its first full-time Real estate regulator under RERA as the Lt Governor Anil Baijal has appointed retired IAS officer Vijay S Madan to the post. Till now the vice-chairman of Delhi Development Authority (DDA) was the interim regulator under the Real Estate Regulatory Act (RERA), 2016.
The announcement was done during a workshop on RERA, organized by Housing and Urban Affairs ministry in Delhi. The workshop was attended by buyers, agents, real estate developers and bankers from northern states.
Delhi has notified provisions of RERA in 2016, which was made to protects the interest of home-buyers.
Speaking at the workshop, Lt Governor Anil Baijal said, “I am glad to inform the ministry and the minister that yesterday, we have appointed a whole-time regulator.”
The Delhi Government notification stated that Vijay S Madan was a former director general in the Unique Identification Authority of India (UIDAI) and has been appointed as the chairperson of the Delhi Real Estate Regulatory Authority for a term of five years. Apart from him, Gyan Prakash Srivastava and Ramesh Chandra have been appointed as members of the regulatory authority.
The Real Estate Regulatory Act, 2016 (RERA), came into effect from May 1, 2017, and covers all commercial and residential projects in every state in India. RERA has brought more transparency for the homebuyers and discipline and credibility for real estate promoters and developers of Delhi. With RERA in action, builders who fail to give the possession on the promised time in Delhi will have to pay 10% of the total value of the project in form of penalty.