In a move that will definitely boost the real estate market in Delhi, a full-time real estate regulator has finally been appointed for the National Capital. The Vice Chairman of the Delhi Development Authority or DDA was previously the interim regulator under RERA. Vijay S Madan, a retired civil services officer, has been appointed as the full-time real estate regulator under RERA by Lieutenant Governor Anil Baijal. The RERA provisions have already been notified by New Delhi for safeguarding interests of all homebuyers.
The Lt. Governor has already stated that a whole-time regulator has been appointed and added that this is a highly positive step for the real estate sector and homebuyers alike. This confirmation came at a RERA workshop that was setup by the Housing and Urban Affairs Ministry in the Capital. Madan has previously worked as a director-general at the Unique Identification Authority of India. He will now serve a 5-year term as the chairperson of the Delhi Real Estate Regulatory Authority. Other members of the regulatory authority include Ramesh Chandra and Gyan Prakash Srivastava.
Parliament enacted RERA with States given authority for notifying their regulations and appointing suitable regulatory authorities. Madan has already stated that a more standardized RERA methodology and framework throughout India will be hugely beneficial and has also proposed the development of open-source technology software especially for RERA.
He has stated that standardized methods will help things run smoothly in the future and people will get all the details they require without any hassles. Madan has also stated that this could be within the country, region or State since there are already 35 RERAs operating and each of them need a suitable digital platform for information sharing between real estate developers and potential homebuyers. According to him, if every RERA has to keep reinventing, then it would lead to a colossal waste of time, money and effort.