The Centre has warned states of a serious situation of vacuum arising if necessary institutional mechanisms for the real estate regulatory Act were not put in place before the deadline of May 1 this year.
In a two-page letter to all the chief ministers of states on February 9, minister of housing & urban poverty alleviation (HUPA) Venkaiah Naidu said, “Real Estate Act is one of the most important reforms for the sector, which would bring benefits to all stakeholders. It is therefore, my sincere request to please bestow your personal attention to this matter so that the Act is implemented in time and in the spirit with which it was passed by the Parliament”.
All the states are required to notify real estate rules including the general rules and the agreement for sale rules and establish the real estate regulatory authorities and the appellate tribunals maximum by April 30, 2017 as the Act would commence its full operation from May 1.
Read more: ETRealty
