Housing Sector Current Affairs

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Union Government notifies rules for Real Estate Act for five UTs

The Union Ministry of Housing has notified the Real Estate (Regulation and Development) (General) Rules, 2016, to be applicable to the five Union Territories.

These five Union Territories are Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh.

Key Facts

  • These Rules have been notified as stipulated in the Real Estate (Regulation & Development) Act, 2016 for ensuring timely completion of projects in five Union Territories
  • As per provisions of the Act, Real Estate Regulatory Authorities (RERA) and Real Estate Appellate Tribunals (REAT) have to be set up by the end of April, 2017.
  • The Rules provide for compounding of punishment with imprisonment for violation of the orders of REAT against payment of 10% of project cost in case of developers and 10% of the cost of property purchased in case of allottees and agents.

Real Estate (Regulation & Development) Act, 2016

The Real Estate Act that seeks to regulate the housing sector besides bringing transparency and ensuring timely completion of projects. The law is touted as a major reform measure to regulate the vast real estate sector. It requires registration of all projects with state-level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders.


Union Cabinet approves MoU between India and Kenya in the field of National Housing Policy Development and Management

The Union Cabinet has given its approval for the Memorandum of Understanding (MoU) between India and Kenya on cooperation in the field of National Housing Policy Development and Management (NHPDM).

The MoU was signed between both countries in July 2016 at Nairobi during the visit of the Prime Minister Narendra Modi to 5 African nations.

Under the MoU

  • Both sides will collaborate on all matters relating to human settlements and housing through various strategies including training of personnel, exchange visits,exhibitions, conferences and workshops.
  • The cooperation between both nations will focus on upscaling slum prevention and upgradation initiatives based on experience and implementation process of each country.
  • They will collaborate on development and sharing of information on real estate and housing data base including market trends, investment opportunities and best practices.
  • It will encourage technical cooperation between both countries in facilitating access to affordable housing from locally available building materials.
  • It will also encourage technical cooperation between both countries in development of Government and Public employee facilitated housing.
  • This would be useful to explore ways of a delivery model towards Government employees housing scheme by private sector players.