Real Estate Bill is an act now, may protect home buyers
The Real Estate (Regulation and Development) Bill, 2016, became an act on May 1, kick-starting the process of making rules as well as putting in place institutional infrastructure to protect the interests of home buyers in India.
While acknowledging that the act is a positive development, property experts said the new rules should address problems faced by builders in getting sanctions and approvals in a timely manner. “Government authorities should also be made accountable for timebo ..
The Ministry of Housing & Urban Poverty Alleviation notified 69 of the act’s 92 sections that come into force from May 1. Rules for implementing the provisions of the act have to be formulated by the central and state governments within six months – by October 31 – the maximum period stipulated in Section 84 of the act.
The housing ministry will make the rules for Union Territories while the Ministry of Urban Development will do so for Delhi.
The key to providing succour to ..
