The Housing Ministry has asked to implement RERA ( Real Estate Regulatory Act) to all states from 1st May 2017, Till date 11 states and UT’s have so far notified the rules. The states that have notified the rules are Uttar Pradesh, Rajasthan, Uttarakhand, Kerala, Haryana, Gujarat, Odisha, Andhra Pradesh, Maharasthra, Madhya Pradesh and Bihar.
The housing ministry had last year notified the rules for five UTs—Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep, while the urban development ministry came out with such rules for the National Capital Region of Delhi .
The bill was passed last year in both the houses of parliament, Now each of the state will have its own regulator and will have to come out with their own rules.
The major reason to establish RERA act is to ensure Transparency & efficiency in Real Estate Sector, & protecting the interest of buyers.
Key Highlights Of RERA.
The Real Estate Projects more than 500 Sq.mt. or more than 8 apartment has to do registration with the authority before start Selling .
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