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Real Estate Act comes into force from tomorrow

Law also makes it compulsory for all commercial and residential projects to register with the Regulator

Policy Pulse
Publish Date: Apr 30 2016 9:16PM | Updated Date: Apr 30 2016 9:16PM

Real Estate Act comes into force from tomorrow

 Real Estate Act, which has been designed to protect consumer interest and improve accountability of developers, will come into force from Sunday.

 
Act will set in motion the process of making operational rules and creation of institutional infrastructure.
 
An official statement said that the guidelines will made "within a maximum period of 6 months" as per the provisions of the Act.
 
Act makes it difficult for builders and promoters to postpone projects and gives relief to home-buyers and proposes jail of up to three years apart from monetary fines for any violation of rules.
 
Law also makes it compulsory for all commercial and residential projects to register with the Regulator, which will apply to ongoing and new projects.
 
"As per the notification announcing the commencement of the Act on May 1, 2016, rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months i.e by October 31,2016 under Section 84 of the Act," the statement said.