India, Feb. 12 -- The Supreme Court took a critical view of the functioning of real estate regulatory authorities, stating it may be 'better to abolish' them and that it is high time for states to reconsider their establishment, as the authorities appear to serve little purpose beyond facilitating defaulting builders.

A bench of Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi said that states should reflect on the purpose behind introduction of Real Estate Regulatory Authority (RERA), the Bar and Bench reported.

"It is high time that all the states should revisit and rethink constituting this authority," CJI Surya Kant said.Also Read: MahaRERA passes landmark order; gives development rights to homebuyers

"All States...