Naidu tells states to notify real estate rules at the earliest

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’