Section 75 of The Real Estate (Regulation and Development) Act, 2016. in hindi
- (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 the 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.
Summary
- The government sets up a special account called the Real Estate Regulatory Fund.
- This fund gets money from government grants, fees paid for registrations, and any interest earned on that money.
- The money in the fund is used to pay the salaries and allowances of the Chairperson, the Members, and the adjudicating officers.
- It also covers the salaries of all the other staff working for the Authority and the Appellate Tribunal.
- A committee of members from the Authority manages how the fund is used, following the Chairperson's directions.
- The fund is used to pay for all the general expenses the Authority has while doing its work.
Practical examples
FAQ
1. What is the official name of the fund created under Section 75 of the Real Estate Act?
The fund is called the Real Estate Regulatory Fund according to Section 75 of the Real Estate (Regulation and Development) Act, 2016.
2. Does the fund under Section 75 of the 2016 Act include fees from projects?
Yes, Section 75 of the Real Estate (Regulation and Development) Act, 2016 states that fees received under the Act are credited to this fund.
3. Who pays the salaries for the Appellate Tribunal according to Section 75 of the Real Estate Act?
Salaries and allowances for the employees of the Appellate Tribunal are paid from the Real Estate Regulatory Fund under Section 75 of the 2016 Act.
4. Who manages the money in the fund created by Section 75 of the Act?
A committee of Members of the Authority, as determined by the Chairperson, administers the fund under Section 75 of the 2016 Act.
Test yourself
Q1.Which of these is NOT a source of money for the Fund under Section 75 of The Real Estate (Regulation and Development) Act, 2016?
Q2.Under Section 75 of the Real Estate Act, who decides which Members will be on the committee to manage the Fund?
Q3.According to Section 75 of the 2016 Act, the fund is used to pay salaries for which group?
Q4.What happens to the interest earned on the money sitting in the Fund under Section 75 of the Real Estate Act?