“CEV GROUP LAUNCHES IN-DEPTH VIDEO ON RERA 2016 FOR IBBI VALUATION ASPIRANTS”
In an effort to empower professionals and aspirants of the IBBI Valuation Examination, the Council of Engineers and Valuers (CEV) has launched a detailed video that provides insights into the Real Estate (Regulation and Development) Act, 2016 (RERA). This step aims to equip future valuation professionals with essential knowledge on the key features of RERA and the regulatory mechanisms it introduces for the real estate sector.
Transforming Real Estate with RERA
The introduction of RERA 2016 has marked a significant shift in the Indian real estate sector by enhancing the framework for project approvals, transparency, and accountability. The CEV Group’s informative video highlights the following pivotal features of RERA:
- Project Registration: Developers must register their projects with the Real Estate Regulatory Authorities (RERA), ensuring compliance with safety and construction norms.
- Consumer Protection Mechanisms: The Act emphasizes consumer rights, allowing them to seek timely resolutions if developers fail to meet the promises made during project promotions.
- Accountability and Penalties: Timely delivery of projects is mandated, with strict penalties for any delays in project completion, addressing the common issue of delayed real estate projects.
Regulatory Authorities and IBBI’s Role
The video also covers the Real Estate Regulatory Authorities (RERA), which oversee the implementation of the Act and ensure the smooth functioning of real estate transactions in India. These authorities have been established at the state and national levels to ensure a standardized approach to regulation.
For valuation professionals, the IBBI (Insolvency and Bankruptcy Board of India) plays an important role in regulating valuation practices, setting standards for fairness and uniformity in property valuation. The video emphasizes how the IBBI’s framework integrates with RERA to ensure that the valuation of real estate projects is conducted with complete transparency.
This video is highly beneficial for aspiring IBBI Valuation Examination candidates, providing them with critical insights into the regulatory environment governing real estate transactions.
