Real Estate Act comes into force from May 1
The Act will ensure formulation of necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers and promoting the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time bound execution of projects, according to the Ministry.
The Ministry had notified 69 of the total 92 sections of the Act on Wednesday.
A proposal for a law for Real Estate was first mooted at the National Conference of Housing Ministers of States and Union Territories in January, 2009.
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.
Ministry of HUPA would make Rules for Union Territories without legislatures while the Ministry of Urban Development would do so for Delhi.
The Ministry said early setting up of Real Estate Regulatory Authorities with whom all real estate projects have to be registered and Appellate Tribunals for adjudication of disputes is the key for providing early relief and protection to the large number of buyers of properties.
The Bill was passed by Rajya Sabha on March 10 and by Lok Sabha on March 15 this year.
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