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Under Real Estate Regulation Rules state cabinet excludes realty projects that are complete 60%

09 Jul 2017

 

The state cabinet on Wednesday cleared the long-awaited Real Estate (Regulation and Development) Rules, framed under the Real Estate Regulation and Development Act. The rules provide for creation of a real estate regulator. 

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The Cabinet also decided to exclude realty projects that are complete 60% or more. All other real estate projects come under the rule's purview, and the rules are expected to be notified in the next couple of days. 
Law minister TB Jayachandra said further details like the cut-off date will be clarified when the rules are notified. He also said the guidance value will be taken as the cost of the project. 

The Cabinet discussed the rules already made in Tamil Nadu, Gujarat and Rajasthan, and the law minister said the state has adopted the Rajathan model. 

All housing projects including those developed by private builders as well as the Karnataka Housing Board and Bangalore Development .. 

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