The Real Estate (Regulation & Development) Act, 2016 comes into force from today (May 1), ending the nine years long wait. The development will make regulation of real estate sector involving more than 76,000 companies across the nation a reality.
Post this development or all the 92 Sections of the Act coming into effect, developers shall get all the continuing projects that have not received Completion Certificate and the fresh projects listed with Regulatory Authorities within three months. This allows the buyers to administer their rights and seek redressal of complaints after such registration.
“Real Estate Act coming into force after a nine-years wait marks the beginning of a new era making buyer the King while developers benefit from the confidence of the King in the regulated environment. Prime Minister Narendra Modi’s personal interest in the matter made the Act a reality now. The Act ushers in the much-desired accountability, transparency and efficiency in the sector with the Act defining the rights and obligations of both the buyers and developers. This important legislation gained momentum under this Government and could see the light finally,” said Union Minister of Housing and Urban Poverty Alleviation Venkaiah Naidu.
The Ministry of Housing and Urban Poverty Alleviation created and dispersed Model Real Estate Regulations for adoption by the Regulatory Authorities in the States/UTs, just head of the Act coming into force.