Real Estate (Regulation and Development) Act, 2016 came into force from May 1, 2016.
Ministry of Housing & Urban Poverty Alleviation, has notified 69 of the total 92 sections of the Act. The remaining 22 Sections are yet to be notified relates to the functions and duties of promoters, rights and duties of allottees, prior registration of real estate projects with Real Estate Regulatory Authorities, recovery of interest on penalties, enforcement of orders, offences, penalties and adjudication, taking cognizance of offences etc.
Rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months i.e by October 31,2016 under Section 84 of the Act.
Real Estate Regulatory Authorities and Real Estate Appellate Tribunals are to be setup within one year, i.e. by 30 April 2017.
Regulatory Authorities, upon their constitution would get three months time to formulate regulations concerning their day-to-day functioning.
Early setting up of Real Estate Regulatory Authorities with whom all real estate projects have to be registered and Appellate Tribunals for adjudication of disputes is the key for providing early relief and protection to the large number of buyers of properties. These Authorities decide on the complaints of buyers and developers in 60 days time.
Until establishment of Real Estate Regulatory Authorities, Governments may designate any of its officer preferably Secretary of the Department dealing with Housing, as the interim Regulatory Authority.
Under the directions of Shri M.Venkaiah Naidu, Minister of Housing & Urban Poverty Alleviation, a Committee chaired by Secretary (HUPA) has already commenced work on formulation of Model Rules under the Act for the benefit of States and Union Territories so that they could come out with Rules in quick time besides ensuring uniformity across the country. The Ministry will also will come out with Model Regulations for Regulatory Authorities to save on time.