Good news – enactment of Real Estate Bill from May 1, 2016

Enactment of Real Estate Bill from May 1, 2016

The process of making essential operational rules and creation of institutional infrastructure for protecting the interests of consumers in the realty sector begins with the ratification of the Real Estate (Regulation and Development) Act, 2016 that comes into effect from May 1st.

The ministry of housing and urban poverty alleviation (HUPA) has already notified 69 of the total 92 sections of the act which came into force from Sunday. The rules under the act have to be formulated by the Central and State Governments within a maximum period of six months, a notification of the Ministry read. While the ministry of HUPA would draft rules for union territories without legislatures, the ministry of urban development would do so for Delhi.

As per the act, Real Estate Regulatory Authority will be formulated within one year. Both, The Regulatory Authorities and Appellate Tribunals will be required to adjudicate cases and consumer complaints in 60 days.