Delhi has finally got a full-time real estate regulator under Real Estate Regulatory Act (RERA) with Lt Governor Anil Baijal appointing retired civil services officer Vijay S Madan to the post.
Until now, the Delhi Development Authority (DDA) vice-chairman was the interim regulator under the RERA, 2016.
Delhi has already notified provisions of RERA which protects the interest of home-buyers.
Speaking at a workshop on RERA, organised by the Housing and Urban Affairs ministry in New Delhi, Mr Baijal said, "I am glad to inform the ministry and the minister that yesterday, we have appointed a whole-time regulator."
According to a Delhi government's notification, Mr Madan, a former director general in the Unique Identification Authority of India, has been appointed as the chairperson of the Delhi Real Estate Regulatory Authority for a term of five years.
Gyan Prakash Srivastava and Ramesh Chandra have been appointed as members of the regulatory authority.
The Act was enacted by Parliament and states were given powers to notify their respective rules and appoint regulatory authorities.
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