Real Estate Regulation and Development Act 2016 comes into force on May 1

a. May 1

b. May 2

c. May 3

d. May 4

 

Real Estate (Regulation and Development) Act, 2016 came into force on 1 May 2016. It also promotes the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time bound execution of projects. Union Ministry of Housing and Urban Poverty Alleviation (HUPA) on 27 April 2016 notified 69 of the total 92 sections of the Act to bring it into force from 1 May 2016. This culminates the eight year long efforts in this regard.

• A proposal for a law for Real Estate was first mooted at the National Conference of Housing Ministers of States and Union Territories in January 2009.
• As per the notification, Rules under the Act have to be formulated by the Union and State Governments within a maximum period of six months from the act coming into force that is by 31 October 2016 under Section 84 of the Act.
• The Act also empowers appropriate Governments to designate any officer preferably Secretary of the Department dealing with Housing, as the interim Regulatory Authority until the establishment of Regulatory Authority under the provisions of the Act.

Required!

Required! Invalid Email Id!

Required!