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Rules for Real Estate Act finalized

04 Oct 2016

rulesNEW DELHI: The Center has finalized the rules for Real Estate (Regulation and Development) Act, which will be conveyed to the states soon, permitting them to set up regulators for the sector, Union Urban Development Minister M Venkaiah Naidu said on Monday.

Parliament had passed the bill in March, to manage the real estate sector, bring transparency and help protect customer interests.

"The Real Estate bill has been approved and we have finalized the rules as well. Now, we will convey to the states quickly and the states have to appoint regulators within a period of six months... it will be a reality now," Naidu said on the sidelines of 'India Habitat III-National Report' release event.

Emphasizing that the Act brings in transparency and accountability in the real estate sector, he urged the private sector to join hands with the Centre to meet the shortage of houses in the country.

"This is a regulation and not strangulation. We want the private sector to join in a big way to take on the challenge of housing shortage in the country," he said.

The Real Estate Act is touted as a vast change measure to control the vast real estate sector and bring order in it.

It will set up state-level Real Estate Regulatory Authorities to regulate transactions in both residential and commercial projects and ensure timely completion and handover of those. It will likewise be required to dispose of complaints within 60 days.

Among other provisions, the Act restricts unaccounted cash from being pumped into the sector and from now, 70 % of the money has to be deposited in bank accounts through cheques.

By Sanjay Bansal | Founder & CEO | Affordable Homea India

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