Hindustan Times (Lucknow)

Naidu tells states to notify real estate rules at the earliest

- Press Trust of India letters@hindustant­imes.com

NEW DELHI: With 10 days left for implementi­ng the real estate act, Union minister M Venkaiah Naidu said on Thursday that the bill’s remaining 32 sections, which will also be implemente­d from May 1, will give realtors and agents six months for registrati­on once the Act kicks off.

The Real Estate (Regulation and Developmen­t) Bill, 2016, was passed by the Rajya Sabha on March 10 and by the Lok Sabha on March 15 last year.

Stating that it is the “most far reaching pro-consumer and pro-industry initiative,” Naidu said about 60 sections of the Act were brought into force with effect from May 1 last year.

The remaining 32 sections were notified on Wednesday, making them effective from the first of next month.

The urban developmen­t minister said the sections relate to registrati­on of ongoing and new projects and real estate agents with regulatory authoritie­s within three months from May 1 and penalties for non-compliance with the provisions of the Act.

“We have been regularly monitoring the situation with all the states and UTs in this regard,” the minister said.

As per the latest informatio­n, he said, 13 states and UTs have already notified the final Real Estate rules, while another 16 have prepared draft rules and legal opinion is being taken in respect of North-Eastern states given their land ownership issues.

“I request the state government­s to act fast...I am confident they will meet the deadline. People want RERA (Real Estate (Regulation and Developmen­t) Act) to be implemente­d and regulator to be appointed,” he said.

Stressing that public opinion is strong and building up day by day for the implementa­tion of the legislatio­n, Naidu warned those states which are not coming forward for it, saying they will “become unpopular” and “face the wrath of the public”.

THE UNION MINISTER CALLED THE BILL THE ‘MOST FAR REACHING PROCONSUME­R AND PROINDUSTR­Y INITIATIVE’

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