The Real Estate (Regulation and Development) Bill was passed on March 10, 2016; after 8 years of downtime finally RERA is going to be fully executed May 01, 2017 onwards. Much before that the bill was introduced in Rajya Sabha August 14, 2013 and was referred to the Rajya Sabha Select Committee on May 06, 2015.
Now ahead of the exertion date the government has notified remaining sections of the for Real Estate (Regulation and Development) Act, 2016 through a gazette. These sections are being notified by Ministry of Housing and Urban Poverty Alleviation (HUPA). The regulations include key measures for instance- registration of realty projects and real estate agents, tasks and responsibilities of project promoter covering compensation, insurance and title of the project, rights and duties of consumers. These notified rules also comprise punishment for non-registration of projects and recovery of interest or penalty or compensation and enforcement of order, etc.
The notified section of 79-80 that sees to jurisdiction of the act has also been notified together. As per the notified section 80, “No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act.
The authority of RERA (Fighting for RERA) doesn’t want any further postponement of the implementation of RERA nationally as this is a much-awaited remarkable move by the government in defense of fraudulence in real estate practice and hedging home-buyers’ interest. The authority also hopes that the union government will now concentrate on delusion of RERA rules by all the state governments abetting builders too and introduce new rules revoking the existing one and notify them without any lag.
Again to remember The Real Estate (Regulation & Development) Act, 2016 (RERA) will be in force May 1 onwards. All the states are asked to notify realty rules and establish the realty regulatory authorities and the appellate tribunals maximum by April 30. RERA will act as a key end user empowerment instrument. Thus, it’s advised to hold up your property investment till May 01.