Government Notifies Sections of RERA
Jun 02, 2017 Real Estate News
The Real Estate (Regulation and Development) Act, 2016 (RERA) is being viewed as a positive step by the Government towards protecting the interests of home buyers. With an implementation deadline of May 1, the Ministry of Housing and Urban Poverty Alleviation has notified the remaining sections of the Act in a gazette.
Vital issues such as registration of realty projects and real estate agents, functions and duties of project promoters including compensation insurance and title of the project, rights and duties of allottees are among the sections notified by the Ministry. The notification also includes punishment for non-registration of projects and recovery of interest or penalty or compensation and enforcement of order.
The notified sections specify that any court inferior to the Metropolitan Magistrate or a Judicial Magistrate of the first class is not authorised to try offences under the Act. This is mentioned the notified sections 79, 80 that deal with the jurisdiction of the Act.
This notification has narrowed the possibilities of the implementation deadline being extended, as was being speculated. This emphasises the government’s commitment to restructure the market in the favour of the home buyers.
The Act makes it mandatory for the state governments to notify rules and appoint authorities in line with the sections of the Act. The central government would work towards diluting the state government rules that favour the real estate developers and constitute fresh rules in line with the central rules.
The Act is finally coming into shape after a long way since the Bill was introduced in the Rajya Sabha by the UPA Government on August 14, 2013. It was referred to the Rajya Sabha select committee on May 6, 2015, and was passed on May 10, 2016.
The state governments have a deadline of April 30 to notify rules, appoint regulatory authorities and appellate tribunals. This would facilitate the full implementation of the Act from May 1.
Vital issues such as registration of realty projects and real estate agents, functions and duties of project promoters including compensation insurance and title of the project, rights and duties of allottees are among the sections notified by the Ministry. The notification also includes punishment for non-registration of projects and recovery of interest or penalty or compensation and enforcement of order.
The notified sections specify that any court inferior to the Metropolitan Magistrate or a Judicial Magistrate of the first class is not authorised to try offences under the Act. This is mentioned the notified sections 79, 80 that deal with the jurisdiction of the Act.
This notification has narrowed the possibilities of the implementation deadline being extended, as was being speculated. This emphasises the government’s commitment to restructure the market in the favour of the home buyers.
The Act makes it mandatory for the state governments to notify rules and appoint authorities in line with the sections of the Act. The central government would work towards diluting the state government rules that favour the real estate developers and constitute fresh rules in line with the central rules.
The Act is finally coming into shape after a long way since the Bill was introduced in the Rajya Sabha by the UPA Government on August 14, 2013. It was referred to the Rajya Sabha select committee on May 6, 2015, and was passed on May 10, 2016.
The state governments have a deadline of April 30 to notify rules, appoint regulatory authorities and appellate tribunals. This would facilitate the full implementation of the Act from May 1.
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