Zee Media Bureau
New Delhi: While setting in motion the process of making necessary operational rules and creation of institutional infrastructure, the Real Estate Act, designed to protect consumer interest and improve accountability of developers, has come into force from Sunday.
An official statement had yesterday said that the rules will made "within a maximum period of 6 months" as per the provisions of the Act.
It had also said the proposed authorities, which will ensure timely execution of projects, and the appellate tribunals to adjudicate cases will come up in one year.
The Act makes it difficult for promoters and builders to delay projects and gives relief to home-buyers and proposes imprisonment of up to three years besides monetary penalties for any violation of rules.
The law also makes it mandatory for all residential and commercial projects to register with the Regulator and will apply to new and ongoing projects.
"As per the notification announcing the commencement of the Act on May 1, 2016, rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months i.E by October 31,2016 under Section 84 of the Act," the statement had said.
The Ministry of Housing and Urban Poverty Alleviation (HUPA) has notified 69 of the total 92 sections of the Act on Wednesday.
Appellate Tribunals will be required to adjudicate cases in 60 days and the Regulatory Authorities will have to dispose of complaints in the same number of days.
A proposal for a law for Real Estate was first mooted at the National Conference of Housing Ministers of States and Union Territories in January, 2009.
(With Agency inputs)