New Delhi, May 1 (PTI): The much-awaited Real Estate Act comes into force from Monday, May 1. However, only 13 states and Union Territories 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 real estate sector and the government has described the implementation of the Act as the beginning of an era where the consumer is king.
The government has brought in the legislation to protect home buyers and encourage genuine private players. The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March 2016 and all the 92 sections of the Act come into effect from May 1.
However, only 13 states and Union Territories have so far notified the rules. The states that have notified the rules include Uttar Pradesh, Gujarat, Odisha, Andhra Pradesh, Maharashtra, Madhya Pradesh and Bihar.