Real Estate Act comes into effect today

Mon 01 May 2017, 10:52:20
The Real Estate Act has come into effect and act, which came into force today, aimed to protect the interests of homebuyers across the country and bring transparency.

Union Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu speaking to newsmen in Hyderabad yesterday said this act will ensures the much desired transperency, accountability and efficiency in the crucial real estate sector.

He said the Act would protect the interests of a large number of homebuyers across the country. The minister said, the Real Estate Act will be a win-win situation for both buyers and developers. Mr Naidu urged all the states and Union Territories to implement the Act with letter and spirit.

Mr Naidu said, 13 states and Union Territories including

Andhra Pradesh, Uttar Pradesh, Bihar, Gujarat, Delhi, Daman and Diu have already notified the Real Estate Rules as required under the Act. Though The Act came into force partially from 1 May last year with 59 of 92 notified sections of the act, the remaining provisions came into the force today.

The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year. Both buyers and developers of real estate property can approach Real Estate Regulatory Authorities seeking relief against the other for violation of the contractual obligations and other provisions of the Act.

Regulatory Authorities will have to dispose of complaints in 60 days and Appellate Tribunals will be required to adjudicate cases in 60 days.

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