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Realty Reform: Centre To Notify Real Estate Act Rules Soon, States Will Follow
(Photo: NOAH SEELAM/AFP/Getty Images)
The union government will soon notify the rules of the Real Estate Act 2016. These rules will be applicable for all union territories. State government may follow up with their own rules in the coming months.
Following the notification of the Real Estate Act 2016 rules a real estate regulatory body and an appellate tribunal will be set-up in each state by April 2017. All real estate projects beyond a specified size will have to be registered with the regulatory body. The Act will then come into force on May 1, 2017.
So what does the Act have to offer? The real estate market in India is an excellent example of information asymmetry where one side has much more information than the other. In this case, the real estate promoters and the real estate agents have much more information than the home-buyers. Even getting something as basic as the going price of an apartment in a given area is very difficult.
The Act provides for accurate information of the size of the apartments sold, provides protection of instalment money paid by buyers, ensure minimum amenities and a host of other protective measures. You can read more about the features of the Real Estate Act in this article.
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