Himachal Pradesh Real Estate Authority ranks second in the country

Himachal Pradesh Authority earns second rank in the country due to its effectiveness in executing orders

The Himachal Pradesh Real Estate Authority is ranked second-best amongst all other RERA authorities in the country. The authority conducts regulation and promotes the real estate sector in the state by using effective measures.

The ranking is done on basis of Himachal RERA’s effectiveness in executing order by enabling instituting execution proceedings within one and a half year since its establishment. The main aim of the Himachal RERA Authority is to regulate and promote the state’s real estate industry and ensure efficiency and transparency in the sales of plots, apartments, or buildings.

The authority aims to protect the interest of home-seekers in the state. RERA authority has registered a total of 38 new real estate projects and 52 agents within a short time. The authority conducts an examination of most cases by hearing the parties through the online procedure without a visit to its office in the view of novel Coronavirus.

All the hearings and complaints are addressed through an online process and the parties are not required to visit the office, making it more convenient for stakeholders to pursue their cases. More than 260 hearings are conducted virtually.

Of all these complaints, a total amount of Rs. 6.55 crores was ordered to be refunded to the house allottees and out of this amount, 76 lakhs are already recovered from the developers.

The HP RERA has taken the initiative to settle matters peacefully between parties of which 52 lakh have successfully recovered. Apart from this, penalties of more than Rs. 2.27 crores were also imposed on the builders and promoters for violation of the provision of the Real Estate Act, 2016.

Till now 14 execution petitions have been filled by allottees and nine execution petitions have been registered under Suo moto against promoters and builders.

The Authority has formulated regulations no. 2, 4, and 5 to better promote and monitor the filling of quarterly progress reports and annual progress reports online. The allottees and homebuyers can have absolute freedom to see the progress of homes and projects through these reports. Additionally, the new website of Himachal RERA is also under process through NIC for better management.

First written By: Tribune News Services