Real Estate Act comes into force tomorrow

April 30, 2016 20:29

The Real Estate Act, designed to protect consumer interest and improve accountability of developers, will come into force tomorrow, setting in motion the process of making necessary operational rules and creation

of institutional infrastructure.

An official statement said that the rules will made "within a maximum period of 6 months" as per the provisions of the Act.

It also said the proposed authorities, which will ensure timely execution of projects, and the appellate tribunals to adjudicate cases will come up in one year.

The Act makes it difficult for promoters and builders to delay projects and gives relief to home-buyers and proposes imprisonment of up to three years besides monetary penalties for any violation of rules.

The law also makes it mandatory for all residential and commercial projects to register with the Regulator and will apply to new and ongoing projects.

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