Maharashtra cleared the most awaited pro-Buyer Real Estate Regulatory Act, to be notified in a week.

Maharashtra cleared the most awaited pro-Buyer Real Estate Regulatory Act, to be notified in a week.

RM | March 22, 2017 | Wednesday


Maharashtra: CM Devendra Fadnavis on Tuesday has finalized the rules of the much awaited bill for the home buyers (RERA) with pro-buyers norms and almost on the same line of center’s bill, which will be notified in this week only.

All the rules and changes approved by CM on Tuesday will be notified by the state housing department but it will only be implemented after the center government approves all the 92 provisions of it.

In a statement from government officials they said that “ many acts are not implemented for years due to the delay in submitting rules but as the government of India has set a deadline for all the states it is believed that the RERA act will be implemented till May 1st .

The RERA Act was gazetted on April 26 last year and was to come into effect from May 1, 2016. However, as section 4 has not been gazetted yet, builders and developers in Maharashtra need not register themselves with the housing regulator, said a real estate consultant. While section 20 provides for the establishment of a housing regulator, section 19, which deals with the rights of a flat purchaser such as obtaining information about the project, is yet to be gazetted. Section 11 pertaining to the duties and functions of the developer is also not gazetted.

Officials said that “we had made many changes in the previous act in favor of consumers and we hope that this Act will get implemented soon and clear all the issues in the real estate sector of India”


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