[ecis2016.org] Terming the Real Estate Act as the most far reaching initiative, Union Urban Development Minister M Venkaiah Naidu, expressed confidence that the all states would notify the rules under the Act by May 1, 2017
Union Minister, M Venkaiah Naidu, on April 20, 2017 exuded confidence that states would meet the deadline of notifying the real estate rules, with only 10 days left for the implementation of the Realty Act. The Real Estate (Regulation and Development) Bill, 2016 was passed by the Rajya Sabha on March 10 and by the Lok Sabha on March 15, 2016.
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Stating that it is the ‘most far reaching pro-consumer and pro-industry initiative’, Naidu said about 60 sections of the Act were brought into force with effect from May 1, 2017. The remaining 32 sections were notified on April 19, 2017, making them effective from the first of May 2017, he said. The Urban Development Minister said these sections relate to the registration of ongoing and new projects and real estate agents, with the regulatory authorities, within 3 months, from May 1, 2017 and penalties for non-compliance with the provisions of the Act.
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“We have been regularly monitoring the situation with all the states and UTs in this regard,” the minister said. As per the latest information, he said, 13 states and union territories (UTs) have already notified the final real estate rules, while another 16 have prepared draft rules and legal opinion is being taken for the north-eastern states, given the land ownership issues there.
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“I request the state governments to act fast. I am confident that they will meet the deadline. People want RERA (Real Estate (Regulation and Development) Act) to be implemented and also the appointment of the regulator,” he said. Stressing that public opinion is strong and building up day by day for the implementation of the legislation, Naidu warned the states that were not coming forward for it, saying they will become unpopular and face the wrath of the public.
On a query over the problems facing home buyers in Noida, Greater Noida and other Delhi-NCR regions, Naidu said he will speak to the respective chief ministers to address the issue.
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