Ministry of Housing notifies remaining sections of RERA

RERA
RERA
MUMBAI: Ahead of the implementation date of May 1 for Real Estate (Regulation and Development) Act, 2016 (RERA), the government has notified remaining sections of the Act through a gazette.

The sections notified by the Ministry of Housing and Urban Poverty Alleviation include key measures such as registration of realty project and real estate agents, functions and duties of project promoter including compensation, insurance and title of the project, rights and duties of allottees.

The notified measures also include punishment for non-registration of projects and recovery of interest or penalty or compensation and enforcement of order, etc.

The notified section of 79-80 that deals with jurisdiction of the act has also been notified. “No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act,” said the notified section 80.

“It’s a positive step and shows the government’s commitment to protect the home-buyers’ interest. We now hope that all the state government will fulfill their part of their obligation as mandated by the Act and immediately notify rules and appoint authorities as this notification ends any speculation about extension of implementation deadline of May 1,” said said Abhay Upadhyay, National Convenor, Fight For RERA.

He hopes that the central government will now focus on dilution of RERA rules by state governments in favour of developers and take steps to get those rules revoked and fresh rules in line with central rules are notified.

The Real Estate (Regulation and Development) Bill was passed on March 10, 2016 after a long wait of 8 years. The Bill was introduced in Rajya Sabha by the UPA government on August 14, 2013 and was referred to the Rajya Sabha select committee on May 6, 2015.

The Real Estate (Regulation & Development) Act, 2016 (RERA) was notified on May 1, 2016. All the states are required to notify realty rules and establish the realty regulatory authorities and the appellate tribunals maximum by April 30 as the Act would commence its full operation from May 1.

Walls N Roof Comment : Real Estate Regulatory Authority (RERA) makes it mandatory for residential and commercial real estate projects to register to provide great transparency in project execution. The RERA is likely to come into effect from May 1 and the Centre has asked the states to set up the Appellate Tribunals. Apart from this all states are required to notify all realty rules.

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