New Real Estate Act to come into effect from today
The Real Estate (Regulation and Development) Act, 2016 will come into effect from Sunday.
It has set in motion, the process of making necessary operational rules and the creation of institutional infrastructure for protecting the interests of consumers.
Earlier this week, the Ministry of Housing and Urban Poverty Alleviation (HUPA) notified 69 of the total 92 sections of the act which would the act into force from May 1.
As per the notification of the Ministry, rules under the act have to be formulated by the Central and State Governments within a maximum period of six months.
The ministry of HUPA would make rules for union territories without legislatures while the ministry of urban development would do so for Delhi.
As per the act, Real Estate Regulatory Authority will be formulated within one year.
The Regulatory Authorities will have to dispose of complaints in 60 days and Appellate Tribunals will be required to adjudicate cases in 60 days.