New Delhi, April 30 (IANS) The long-awaited Real Estate (Regulation and Development) Act (RERA) will be implemented from May 1, with the government calling it the beginning of a “new era”.
The act specifies that all existing projects must be registered with the state’s regulatory authority by July 2017, and that no new project can be launched without this registration.
“With all the 92 sections of the act coming into effect from Monday, developers shall get all the ongoing projects that have not received a Completion Certificate and the new projects registered with Regulatory Authorities within three months,” an official release said.
“This enables the buyers to enforce their rights and seek redressal of grievances after such registration,” it said.
“The Real Estate Act coming into force after a nine year wait marks the beginning of a new era making buyer the king while developers benefit from the confidence of the king in the regulated environment,” Minister of Housing and Urban Poverty Alleviation M. Venkaiah Naidu tweeted.
“RERA forges a happy, mutually beneficial alliance between buyers and developers. Rights and duties of buyers, promoters are also clearly defined,” the minister said in another tweet.
The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year.
As per industry information, between 2011 and 2015, about 2,349 to 4,488 real estate projects were launched every year amounting to a total of 17,526 projects with a total investment of Rs 13.70 lakh crore in 27 cities, including 15 state capitals.
About 10 lakh buyers invest every year with the dream of owning a house.