Real Estate Act comes into force from May1, 2017

With all the 92 Sections of the Act coming into effect from May 1, 2017, developers shall get all the ongoing projects that have not received Completion Certificate and the new projects registered with Regulatory Authorities within three months i.e by July end. This enables the buyers to enforce their rights and seek redressal of grievances after such registration, according to a PIB release.

Minister of Housing & Urban Poverty Alleviation M Venkaiah Naidu in his tweets on the occasion said on May 1, “Real Estate Act coming into force after a nine year wait marks the beginning of a new era making buyer the king while developers benefit from the confidence of the king in the regulated environment. Prime Minister Narendra Modi’s personal interest in the matter made the Act a reality now. The Act ushers in the much desired accountability, transparency and efficiency in the sector with the Act defining the rights and obligations of both the buyers and developers. This important legislation gained momentum under this government and could see the light finally”.

Ahead of the Act coming into force, Ministry of Housing & Urban Poverty Alleviation has formulated and circulated Model Real Estate Regulations for adoption by the Regulatory Authorities in the States/UTs. Under these Regulations, developers are required to display sanctioned plans and layout plans of at least 3 feet X 2 feet size at all marketing offices, other offices where properties are sold, all branch offices and head office of the promoters in addition to the site of project, according to the PIB release.