‘RERA has become a rehab for retired bureaucrats, frustrated Act’s objectives’: SC

The Supreme Court criticized the Real Estate Regulatory Authority (RERA) for becoming a “rehabilitation center” for retired bureaucrats, undermining the Act’s objectives. The court was hearing an appeal against a Delhi High Court judgment that dismissed pleas to stop banks from charging pre-EMIs or full EMIs from petitioners. The bench expressed frustration over RERA’s inefficacy, highlighting that it was established to regulate the real estate sector but has failed to meet its goals. The court emphasized that RERA’s current state is a misuse of the Act, which was intended to protect homebuyers and ensure transparency in the real estate market. The judgment underscores the need for a more effective implementation of RERA to fulfill its original purpose.