The Real Estate (Regulatory and Development) Act was passed by the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016.
The Real Estate (Regulatory and Development) Act is a consumer friendly Act and aims to provide transparency between the homebuyers and the builders.
The Centrals RERA Act was passed to the cabinets of the states to notify the rules and implement the Act from 1st May 2017.
The Real Estate (Regulatory and Development) Act was passed by the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016. RERA was brought in the country due to the lack of any regulation in the real estate sector and had become a necessity because of the increasing corrupt practices of the workers of the industry.
The Real Estate (Regulatory and Development) Act is a consumer-friendly Act and aims to provide transparency between the homebuyers and the builders. RERA has also made it mandatory for Real Estate Agents, or brokers to register themselves with the Central’s Act to further perform their functions. The Authorities of different states will be responsible for keeping a track on both builder’s as well as broker’s activities and if any of them is found breaching the Act’s rules, the RERA certificate of those developers will be revoked.
The Central’s RERA Act was passed to the cabinets of the states to notify the rules and implement the Act from 1st May 2017. However, all the states could not complete the final notification of the rules and are yet to notify them.
The Act was implemented from May 2017 and the deadline was set for 31st July 2017. But due to the poor operations of the Authorities of states, the deadline was extended in most of the states as the Act was not even introduced, which left no time for the real estate developers to register with the Act.
The following are the states that have notified the rules and the date on which they notified them:
|Gujarat||4th May 2017|
|Madhya Pradesh||24th May 2017|
|Maharashtra||20th April 2017|
|Punjab||8th June 2017|
|Uttar Pradesh||27th Oct 2016|
|Karnataka||10th July 2017|
|Uttarakhand||28th April 2017|
|Tamil Nadu||22th June 2017|
|Haryana||28th July 2017|
|Andhra Pradesh||27th March 2017|
|Bihar||28th April 2017|
|Chattisgarh||26th April 2017|
|Kerala||17th March 2016|
|Andaman and Nicobar Islands||31th Oct 2016|
|Chandigarh||31th Oct 2016|
|Dadra and Nagar Haveli||31th Oct 2016|
|Daman and Diu||31th Oct 2016|
|Lakshadweep||31th Oct 2016|
|Puducherry||26th March 2016|
|Telangana||31st July 2017|
Kerala was the first state to notify the rules, but implied them much later, followed by Puducherry. States like Goa, West Bengal and Arunachal Pradesh are yet to notify their final rules. Even though the deadline has already passed by more than a month, there are no visible shreds of evidence as to when these states will notify the final rules and eventually start with RERA registrations.
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