RERA is applicable in India from 01 May 2017 . The act applies to both residential and commercial property .State urban development, town and country planning minister Sudhir Sharma said that draft rules have already been prepared and will be placed in the assembly during the monsoon session for approval. Several states have already notified the rules though.The act in Himachal Pradesh will bring more transparency and will boost buyer’s confidence in real estate .RERA rules mandates registration of every real estate project with authority.After notifying the rules the state will form an authority for RERA registrations . Many states have already notified their RERA rules.
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