Real Estate sector Current Affairs

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.

Tags:

Real Estate (Regulation and Development) Act, 2016 comes into force

The Real Estate (Regulation and Development) Act, 2016 came into force on 1 May 2016.

In this regard, Union Ministry of Housing and Urban Poverty Alleviation (HUPA) had notified 69 of the total 92 sections of the Act to bring it into force from 1 May 2016.

Key provisions of Acts

  • Sets up in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers.
  • Promotes the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time bound execution of projects.
  • Real Estate Regulatory Authority will be formulated within one year as per the mandate of Act. Regulatory Authorities will have to dispose of complaints in 60 days and Appellate Tribunals will be required to adjudicate cases in 60 days.
For more details: Real Estate (Regulation and Development) Act, 2016

Tags:

12