CHENNAI: As the last date for nominating members to the Tamil Nadu Real Estate Regulatory Authority (TNRERA) is to lapse on December 31, more and more realtors are applying for membership of the agency that is meant to regulate the industry.Concerns have already been raised over the possible conflict of interests if real estate businessmen are themselves part of the regulatory body.
Recently, Express reported that the Confederation of Real Estate Development Authority has nominated three of its office-bearers for the membership of the TNRERA. Now, the Builders Association has jumped on the bandwagon. S Rama Prabhu, secretary, Builders Association of India, told Express that they had requested that two of its office-bearers be nominated as members of the regulatory authority. The association has claimed that it has 75 years of service as a lobbying body.
However, senior officials of the Housing Department have expressed reservations over considering real estate businessmen for membership. “Office-bearers of real estate associations or those with the financial or other interest in real estate sector cannot be represented,” said a senior official of the Housing Department.
Sources said the final decision will be taken by the selection committee comprising the Chief Justice of the Madras High Court and the secretaries of the housing and law departments.Application forms can be downloaded from http://mhupa.gov.in/writeradddata/Real_ Estate_Act_2016_pdf.