Real Estate Act comes into force today

Source: The Hitavada      Date: 01 May 2017 09:23:47


NEW DELHI/HYDERABAD,

THE much-awaited Real Estate Act comes into force from on Monday but only 13 States and UTs have so far notified rules under the Act which Union Minister Venkaiah Naidu said will enable only regulation of the sector and not “strangulation”.


The Real Estate (Regulation and Development) Act promises to bring in the much-desired transparency, accountability and efficiency in the real estate sector and the Government has described the implementation of the Act as the beginning of an era where the consumer is the king. The Government has brought in the legislation to protect home buyers and encourage genuine private players. However, only 13 States and UTs have so far notified the rules.