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.
(1) A person shall not be qualified for appointment as the Chairperson or a Member of the Appellate Tribunal unless he:-
(a) In the case of Chairperson ,is or has been a Judge of a High Court ;and
(b) inthecaseofaJudicialMemberhehasheldajudicialofficeintheterritoryof IndiaforatleastfifteenyearsorhasbeenamemberoftheIndianLegalServiceandhas held the post of Additional Secretary of that service or any equivalent post, or has beenanadvocateforatleasttwentyyearswithexperienceindealingwithrealestate matters, and
(c) in the case of a Technical or Administrative Member, he is a person who is well-versed in the field of urban development, housing, real estate development, infrastructure, economics, planning, law, commerce, accountancy, industry, management, public affairs or administration and possesses experience of at least twentyyearsinthefieldorwhohasheldthepostintheCentralGovernment,oraState GovernmentequivalenttothepostofAdditionalSecretarytotheGovernmentofIndia or an equivalent post in the Central Government or an equivalent post in the State Government
(2) The Chairperson of the Appellate Tribunal shall be appointed by the appropriate Government in consultation with the Chief Justice of High Court or his nominee
(3) The judicial Members and Technical or Administrative Members of the Appellate Tribunal shall be appointed by the appropriate Government on the recommendations of a Selection Committee consisting of the Chief Justice of the High Court or his nominee, the Secretary of the Department handling Housing and the Law Secretary and in such manner as may be prescribed