Ahead of the implementation date of May 1 for Real Estate (Regulation and Development) Act, 2016 (RERA), the government has notified remaining sections of the Act through a gazette.
The sections notified by the ministry of housing and urban poverty alleviation include key measures such as registration of realty project and agents, functions and duties of project promoters, including compensation, insurance and title of the project, rights and duties of allottees. The notified measures include punishment for non-registration of projects and recovery of interest or penalty or compensation and enforcement of order, etc.
The notified section of 79-80 that deals with jurisdiction of the Act has also been notified.
“No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act,“ said the notified section 80.
“It's a positive step and shows the government's com mitment to protect home buy ers' interest. We now hope that all state governments will fulfill their obligation as mandated by the Act and immediately notify rules and appoint authorities since this notification ends any speculation about extension of implementation deadline on May 1,“ said said Abhay Upadhyay, National Convenor, Fight For RERA.
He hopes that the Centre will now focus on dilution of RERA rules by the states in favour of developers and take steps to get those rules revoked and fresh rules, in line with the Centre, are notified.
The Real Estate (Regulation and Development) Bill was passed on March 10, 2016 after a long wait of eight years. The Bill was introduced in Rajya Sabha by UPA government on August 14, 2013 and referred to RS select committee on May 6, 2015.
RERA was notified on May 1, 2016. The states are now required to notify realty rules and establish real estate regulatory authorities and appellate tribunals by April 30, as the Act would commence its full operation from May 1.
The Economic Times New Delhi, 20th April 2017
The sections notified by the ministry of housing and urban poverty alleviation include key measures such as registration of realty project and agents, functions and duties of project promoters, including compensation, insurance and title of the project, rights and duties of allottees. The notified measures include punishment for non-registration of projects and recovery of interest or penalty or compensation and enforcement of order, etc.
The notified section of 79-80 that deals with jurisdiction of the Act has also been notified.
“No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act,“ said the notified section 80.
“It's a positive step and shows the government's com mitment to protect home buy ers' interest. We now hope that all state governments will fulfill their obligation as mandated by the Act and immediately notify rules and appoint authorities since this notification ends any speculation about extension of implementation deadline on May 1,“ said said Abhay Upadhyay, National Convenor, Fight For RERA.
He hopes that the Centre will now focus on dilution of RERA rules by the states in favour of developers and take steps to get those rules revoked and fresh rules, in line with the Centre, are notified.
The Real Estate (Regulation and Development) Bill was passed on March 10, 2016 after a long wait of eight years. The Bill was introduced in Rajya Sabha by UPA government on August 14, 2013 and referred to RS select committee on May 6, 2015.
RERA was notified on May 1, 2016. The states are now required to notify realty rules and establish real estate regulatory authorities and appellate tribunals by April 30, as the Act would commence its full operation from May 1.
The Economic Times New Delhi, 20th April 2017
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