The Real Estate (Regulation and Development) Act has finally become a reality with the Centre having approved the bill.
The bill is a major step towards protecting the interest of property buyers and regulating the real estate sector. It is also expected to bring in additional investment in the sector after the initiation of a transparent regulatory mechanism. It will be communicated to the states shortly and the states have to appoint regulators within a period of 6 months.
Responsibilities of Real Estate Regulatory Authorities (RERA)
The Real Estate Act will establish Real Estate Regulatory Authorities (RERA) at state levels. RERA will regulate the real estate transactions in both residential and commercial projects. It will ensure that deadlines are met and the projects are completed on time. RERA will also be responsible for taking care of complaints related to the sector and dispose them within 60 days.
Among other provisions, the Act also restricts unaccounted money from being pumped into the sector. From now onward, 70% of the money will have to be deposited in bank accounts through cheques.
Joining Hands with the Private Sector
Stressing on the benefits of the bill, Union Urban Development Minister M Venkaiah Naidu urged the private sector to join hands with the Centre so that the rules of the bill are implemented successfully.