About RERA Punjab
The Government of India has enacted the Real Estate (Regulation and Development) Act, 2016. Some sections of the Act were enforced with effect from 01/05/2016 and the rest of the Act came into force from 01/05/2017. Under the Act, all the States have to appoint a Real Estate Regulatory Authority to carry out the purposes of the Act.
The Punjab Government notified the Real Estate (Regulation and Development) Rules, 2017 on 08/06/2017 vide Notification No. G.S.R -19/C.A.16/2016/Ss.2 and 84/2017. The Real Estate Regulatory Authority, Punjab was established on 10/08/2017 upon the joining of Chairperson with two full-time Members.
The purposes behind the promulgation of the Act are as follows:
- Regulation and promotion of the Real Estate sector
- To facilitate the growth and promotion of a healthy, transparent, efficient and competitive real estate sector
- Sale of plots, apartments etc. in a transparent and efficient manner
- To protect the interest of the consumers in the real estate sector
- To provide an adjudicating mechanism for speedy dispute redressal
- To publish and maintain a website of records for public viewing for real estate projects and agents which have been registered
- To provide online facility of registration of real estate projects, agents as well as filling of complaints by aggrieved persons
The Real Estate Regulatory Authority, Punjab strives to fulfill the above objectives in full measure, and will work to promote balanced development of the sector, keeping interests of all the stakeholders in mind.
The emblem of the Authority has been designed keeping the above factors in mind and reflects the values that will form the basis of the Authority’s functioning. It portrays the Authority’s commitment to create a caring, nurturing environment for the promotion of the real estate sector. The design, and choice of colors, of the emblem embody a spirit that underpins the Authority’s work – representing tranquility, prosperity and transparency. The circle around the 6 lines is a symbol of the care and support that the Authority will provide and also reflects the fact that the work of the Authority will be within the confines of the law.