PTI
New Delhi
The Real Estate Act, designed to protect consumer interest and improve accountability of developers, will come into force today, setting in motion the process of making necessary operational rules and creation of institutional infrastructure.
An official statement said that the rules will made “within a maximum period of 6 months” as per the provisions of the Act.
It also said the proposed authorities, which will ensure timely execution of projects, and the appellate tribunals to adjudicate cases will come up in one year.
The Act makes it difficult for promoters and builders to delay projects and gives relief to home-buyers and proposes imprisonment of up to three years besides monetary penalties for any violation of rules.
The law also makes it mandatory for all residential and commercial projects to register with the Regulator and will apply to new and ongoing projects.
The Ministry of Housing and Urban Poverty Alleviation (HUPA) has notified 69 of the total 92 sections of the Act on Wednesday, the statement said.
Appellate Tribunals will be required to adjudicate cases in 60 days and the Regulatory Authorities will have to dispose of complaints in the same number of days.
