Centre to notify this week rules under realty law applicable in 5 UTs

The Real Estate (Regulation and Development) Bill, 2016 was passed by Rajya Sabha on March 10 and by Lok Sabha on March 15 this year. According to a notification issued in April this year, the rules for the real estate sector were to be notified by October 31 this year or within six months of the Act coming into force.

The Central government is set to notify the rules of the Real Estate Act for five Union Territories to move ahead with implementation of the legislation that aims to regulate the housing sector and to protect the interests of consumers, who have been getting a raw deal from builders. The Ministry of Housing and Urban Poverty Alleviation (HUPA) will bring out rules applicable to five UTs -Andaman & Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman & Diu and Lakshadweep – without legislature.

The Ministry of Urban Development will come out with such rules for the National Capital Region of Delhi while other states and UTs will come out with their own rules. The states could also adopt the rules notified by the HUPA, officials said.The Real Estate (Regulation and Development) Bill, 2016 was passed by Rajya Sabha on March 10 and by Lok Sabha on March 15 this year. According to a notification issued in April this year, the rules for the real estate sector were to be notified by October 31 this year or within six months of the Act coming into force. As per provisions of the Act, Real Estate Regulatory Authorities (RERA) and Real Estate Appellate Tribunals have to be set up by the end of April, 2017 and the entire Act is to come into effect the day after. The Act, which is a major reform measure to regulate the vast real estate sector, requires registration of all projects with state level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders.

The Real Estate Act provides for imprisonment of up to three years in case of promoters of projects and up to one year in case of real estate agents or monetary penalties or both in case of any violation of norms.

 Posted by Shraddha Jandial
Credits India Today

Leave a Reply

Your email address will not be published. Required fields are marked *