The RERA Act, 2016 has already been the talk of the real estate industry ever since its implementation in past May.
The Urban Affairs Ministry will now be overlooking the implementation of the RERA Act.
The Government has recently also made few changes in Indian Government (Allocation of Business) Rules, 1961 regarding the same.
The Ministry of Housing and Urban Affairs will have a big influence on the regulatory Authorities in this regard as the past projects of the Ministry.
The Real Estate (Regulation and Development) Act, 2016 has already been the talk of the real estate industry ever since its implementation in past May. The Act has so far managed to successfully make its presence felt throughout the nation. The Real estate developers all across the nation have criticized the Act, whereas few developers from different states have also pledged complete support to the Parliamentary Act.
Consumers of the real estate industry, on the other hand, welcomed the RERA Act with open arms as this has been the only regulation Act introduced in the sector ever. However, in some of the states, consumers also protested against the dilution of the Act by the state government.
In the recent news about the Real Estate Act, the Urban Affairs Ministry will now be overlooking the implementation of the RERA Act which makes it mandatory for the states to form a Real Estate Regulatory Authority to conduct operations related to the Act. The Ministry of Housing and Urban Affairs will now be responsible for the RERA Act throughout the country and will also help the states that are still without a proper Real Estate Regulatory Authority in setting them up and administering them.
The ministry has already contributed well in the real estate sector in past by helping in the implementation of the Act, but now as they will be responsible for administering the Act, the results will be more significant. The Minister of State for Housing and Urban Affairs, Shri Hardeep Singh Puri has already been a big supporter of the RERA Act and has been in its favor since the Act passed in the parliament. Last week after the Bombay High Court’s judgment favoring the Real Estate Act, the minister of state had made the developers aware and reported that ones who do not get in terms with the Act could face serious actions in the near future. The Central Government, on the other hand, has recently also made few changes in the Government of India (Allocation of Business) Rules, 1961 regarding the same.
The RERA Act is also responsible for protecting the interests of the buyers in the real estate industry by providing a platform to them to reach to whenever there is a breach of the rule by any real estate developer or even a broker. The Ministry of Housing and Urban Affairs will have a big influence on the regulatory Authorities in this regard as the past projects of the Ministry have always related to the welfare of the people ranging from ‘smart cities’ to ‘Swachh Bharat Mission’.
The Real Estate Act right from the starting has required a powerful administrator, and the role of the Urban Affairs Ministry will now surely fill the gap and yield the best possible results.
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