Government to soon notify rules of the Real Estate Act

10 Oct 2016 Evaluate

Government will soon by notifying the rules of the Real Estate Act to regulate the housing sector, bring transparency and help protect consumer interests. The Ministry of Housing and Urban Poverty Alleviation (HUPA), which is responsible for making such rules for Union Territories (UTs) has referred the draft rules to the Ministry of Law and Justice for inspection and senior officials of both the ministries after their meeting will be finalising the draft notification. According to the provisions of the Act, Real Estate Regulatory Authorities and Real Estate Appellate Tribunals have to be set up by the end of April, 2017, and the entire Act is to come into effect the day after.

Real estate rules to be notified within 10 days by the Ministry of HUPA are applicable to the UTs of Andaman & Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman & Diu and Lakshadweep. The Ministry of Urban Development will come out with such rules for the National Capital Region (NCR) of Delhi, while other states and UTs will come out with their own rules. The Real Estate (Regulation and Development) Bill, 2016 was passed by Rajya Sabha on March 10, five days after its passage by Lok Sabha on March 15 this year.

The Real Estate Act, one of the major reform measure to regulate the vast real estate sector, requires registration of all projects with state level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders. According to the Act, 70 per cent of money taken from the buyers must be set aside in a separate bank account by the developers. This money can only be used for construction activities of that particular project. Developers cannot invest this money in other projects.

To protect buyers from being cheated with fancy designs on paper and model apartments, the Act makes it mandatory for sellers to disclose all project-related information, including project layout, status of approval for land and building, contractors involved and scheduled time of delivery. Also, as par the Act if a developer fails to hand over the property within the deadline, he would be liable to pay the buyer a certain amount as interest. This is to compensate the interest money the buyer will be paying against his housing loan. Furthermore, act also provides for imprisonment of up to three years for builders and one year for real estate agents and buyers for violation of any provisions of the Act.

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