New Delhi: The much-awaited Real Estate Act comes into force from Monday (May 01) with a promise of protecting the right of consumers and ushering in transparency but only 13 states and UTs have so far notified rules.
The government has described the implementation of the consumer-centric Act as the beginning of an era where the consumer in king.
Real estate players have also welcomed the implementation of the Act, saying it will bring a paradigm change in the way the Indian real estate sector functions.
The government has brought in the legislation to protect home buyers and encourage genuine private players.
The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year and all the 92 sections of the Act comes into effect from May 1.
“The Real Estate Act coming into force after a nine-year wait and marks the beginning of a new era,” Housing and Urban Poverty Alleviation Minister M Venkaiah Naidu said.
The Minister said the law will make “buyer the king”, while developers will also benefit from the increased buyers’ confidence in the regulated environment.
“The Act ushers in the much-desired accountability, transparency and efficiency in the sector, defining the rights and obligations of both the buyers and developers,” Naidu said.
The developers will now have to get the ongoing projects that have not received completion certificate and the new projects registered with regulatory authorities within 3 months from 1 May.