TIDBITS

Real Estate Act to come into force from Monday

By IndianMandarins- 02 May 2016
673

real-estate-act-to-come-into-force-from-mondayThe Real Estate Act, designed to protect consumer interest and improve accountability of developers, will come into force tomorrow, setting in motion the process of making necessary operational rules and creation of institutional infrastructure. An official statement said that the rules will made "within a maximum period of 6 months" as per the provisions of the Act. The Ministry of Housing and Urban Poverty Alleviation (HUPA) has notified 69 of the total 92 sections of the Act on Wednesday, the statement said. Under the Act, Appellate Tribunals will be required to adjudicate cases in 60 days and the Regulatory Authorities will have to dispose of complaints in the same number of days. "...A Committee, chaired by Secretary (HUPA), has already commenced work on formulation of Model Rules under the Act for the benefit of States and UTs so that they could come out with Rules in quick time besides ensuring uniformity across the country. The Ministry will also will come out with Model Regulations for Regulatory Authorities to save on time," the statement said. A proposal for a law for Real Estate was first mooted at the National Conference of Housing Ministers of States and Union Territories in January, 2009.

free stat counter