Realtors vie for regulatory body membership

Three Tamil Nadu-based real estate businessmen are being considered for membership of the Tamil Nadu Real Estate Regulatory Authority, a recently formed statutory body to regulate the industry.

Published: 20th December 2017 02:33 AM  |   Last Updated: 20th December 2017 08:43 AM   |  A+A-

Express News Service

CHENNAI: Three Tamil Nadu-based real estate businessmen are being considered for membership of the Tamil Nadu Real Estate Regulatory Authority, a recently formed statutory body to regulate the industry.
While concerns are being raised about possible conflict of interest, senior housing department officials have assured that the selection committee would consider the financial interests of the individuals when short-listing members for the authority.

It is reliably learnt that the Confederation of Real Estate Developers Authority of India (CREDAI), a real estate lobby group, has nominated Suresh Krishn, Chennai chapter president, Rajesh B Lund, Coimbatore chapter president, and P Ravichandran, Tiruchi chapter president. But can the regulatory authority act against the company owned by its own members? “This would surely result in direct conflict of interest,”said Chennai Metropolitan Development Authority Monitoring Committee member M G Devasahayam.

The Tamil Nadu Real Estate Regulatory Authority is a body formed to regulate real estate industry and settle disputes between the buyer and the promoter. It would have at least two members and a chairperson. The Real Estate Act states that based on the selection committee recommendation, the members of TNRERA can be selected among those having 15 to 20 years experience in housing, real estate development, infrastructure, economics, technical experts from relevant field, planning, law and commerce, social service and public affairs. One of the criteria was that the members should not have financial or other interest which is likely to prejudice their functioning in the authority.

It is learnt that the officials of CREDAI have sent their nominations for membership in the regulatory authority following a letter from the housing department. When queried if this would result in conflict of interest, a senior official said the committee hasn’t yet considered the candidates. “We are bound by Acts and rules. However, if one has financial interest in the sector, that’s a disqualification. We are bound by the Act provisions,” he added.

CREDAI officials could not be reached for comment despite attempts by Express.

Selecting members

The Tamil Nadu Real Estate Regulatory Authority is a body formed to regulate real estate industry and settle disputes between the buyer and the promoter. It would have at least two members and a chairperson. The members can be selected among those having 15-20 yrs experience in housing, real estate, infra, economics, etc.

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