Realty projects, brokers have to be registered with regulatory authorities by July 31: Venkaiah Naidu

NEW DELHI:Urging states to notify the real estateregulatory Act (RERA) before the April 30 deadline, Union housing minister Venkaiah Naidu on Thursday said all the real estate projects and property agents have to be registered with regulatory authorities by July 31

“The remaining 32 Sections of Real Estate Act, 2016 have been notified last night. Projects and real estate agents have to be registered with regulatory authorities within three months from May 1,” Naidu said at a conference held in Delhi to discuss the progress of the Housing for All mission.

The government on late Wednesday notified the remaining 32 sections of the Real Estate (Regulation and Development) Act, 2016, which relates to registration of ongoing projects that have not received completion certificate, registration of property agents, penalties for non-compliance, etc. It had enforced the other 59 sections of the Act from May last year.

All the states are required to notify RERA rules and establish the regulatory authorities and the appellate tribunals maximum by April 30. However, 13 states and union territories (UTs) have notified the rules till now, while another 16 have prepared draft rules, Naidu informed.

The government has been regularly monitoring the situation with all the states and UTs in this regard, according to the housing minister.

“I am sure the political leadership in the states is aware of the consequences of not doing the needful to enable the large number of buyers get relief under the Act from the first of next month. I expect them to act accordingly to avoid any undesirable situation on ground,” said Naidu.

(source by:-The Economic Times)



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