CHAPTER IX - FINANCE, ACCOUNTS, AUDITS AND REPORTS

An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.

Section 75 - Constitution of Fund

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(1) The appropriate Government shall constitute a fund to be called the ‘Real Estate Regulatory Fund’ and there shall be credited thereto

(a) all Government grants received by the Authority

(b) the fees received under this Act

(c) the interest accrued on the amounts referred to in clauses (a) to (b)

(2) The Fund shall be applied for meeting:-

(a) the salaries and allowances payable to the Chairperson and other Members, the adjudicating officer and the administrative expenses including the salaries and allowances payable to be officers and other employees of the Authority and the Appellate Tribunal

(b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act

(3) The Fund shall be administered by a committee of such Members of the Authority as may be determined by the Chairperson

(4) The committee appointed under sub-section (3) shall spend monies out of the Fund for carrying out the objects for which the Fund has been constituted

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