“CEV GROUP’S NEW VIDEO ON RERA 2016: A MUST-WATCH FOR IBBI VALUATION ASPIRANTS”
The Council of Engineers and Valuers (CEV), in collaboration with CEV IAF RVO, has released an informative video aimed at guiding IBBI Valuation Examination aspirants through the intricate provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA). This initiative will help professionals understand the broader regulatory framework that governs the real estate sector and valuation processes in India.
RERA 2016 and Its Impact
The Real Estate (Regulation and Development) Act, 2016 aims to curb malpractices in the real estate sector while boosting consumer confidence. The video covers the key provisions of the Act, including:
- Developer and Project Registration: RERA mandates developers to register their projects with the regulatory authority before advertising or selling properties, ensuring the legitimacy of projects.
- Mandatory Disclosures: Developers must provide detailed information about the project, including project timelines, approved layouts, and clearances, which helps eliminate the chances of fraud or misrepresentation.
- Timely Delivery and Penalties: Timely delivery of projects is at the core of RERA, with stringent penalties for delays to ensure consumer interests are safeguarded.
- Transparency and Consumer Protection: A significant portion of the Act focuses on providing buyers with the right to information, protection from undue delays, and remedies in case of project failures.
The Role of RERA Authorities and IBBI in Valuation
The video further discusses the establishment of RERA authorities at the state and national levels, which oversee real estate operations and address grievances. The Appellate Tribunals are also introduced as a forum for resolving disputes between developers and buyers.
Moreover, the video emphasizes the importance of the IBBI (Insolvency and Bankruptcy Board of India) in regulating and accrediting valuation professionals, ensuring that property valuations are conducted accurately and ethically. This is crucial for candidates pursuing the IBBI Valuation Examination, as it offers practical insights into the standards they must follow in their profession.
For anyone in the real estate and valuation industry, particularly those looking to excel in the IBBI Valuation Examination, this video offers a clear, concise understanding of RERA and the regulatory authorities governing real estate transactions in India.
