TeluguPeople
  are the trend-setters


News: Business

Real Estate Act effective from Today


 
Hyderabad, April 30 (INN): Ending the nine year long wait, regulation of real estate sector involving over 76,000 companies across the county becomes a reality from Monday (May 1, 2017) with the Real Estate (Regulation & Development) Act, 2016 coming into force.

With all the 92 Sections of the Act coming into effect from Monday, 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.

Union Minister of Urban Development M. Venkaiah Naidu in his tweets on the occasion said today, '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. Real Estate Regulatory Authorities may take decisions on all issues preferably through consensus failing which through voting with Chairman using Casting Vote in case of a tie. There shall be quorum for the meetings of the Regulatory Authorities and if a meeting is adjourned due to lack of such quorum, such meeting can take place without quorum. Members of Regulatory Authorities shall declare interest if any in the matters coming up for discussion and shall not participate there in.

Some of the major provisions of the Act, besides mandatory registration of projects and Real Estate Agents include depositing 70% of the funds collected from buyers in a separate bank account in case of new projects and 70% of unused funds in case of ongoing projects; Projects with plot size of minimum 500 sq.mt or 8 apartments shall be registered with Regulatory Authorities; Both developers and buyers to pay the same penal interest of SBI's Marginal Cost of Lending Rate plus 2% in case of delays; Liability of developers for structural defects for five years and imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of Appellate Tribunals and Regulatory Authorities.

Further to several rounds of consultations, the Ministry of HUPA has made several and substantial changes in the Real Estate Bill that was first introduced in the Rajya Sabha in 2013 to make the final Act more effective towards promotion of the sector.

At the time of passing of the Bill in Rajya Sabha in March last year, there were 76,044 companies were operating in the real estate sector including 17,431 in Delhi, 17,010 in West Bengal, 11,160 in Maharashtra, 7,136 in Uttar Pradesh, 3,054 in Rajasthan, 3,004 in Tamil Nadu, 2,261 in Karnataka, 2,211 in Telangana, 2,121 in Haryana, 1,956 in Madhya Pradesh, 1,270 in Kerala, 1,202 in Punjab and I,006 in Odisha.

As per industry information, between 2011 and 2015, real estate projects in the range of 2,349 to 4,488 projects were launched every year amounting to a total of 17,526 projects with a total investment of Rs.13.70 lakh cr in 27 cities including 15 State capitals. About ten lakh buyers invest every year with the dream of owning a house.




 
News Posted: 1 May, 2017
 

 

Headline News
KCR to expand State Cabinet on Feb 19
Uttam asks cadre to be ready for LS Polls
Finance Commission to visit Telangana
KCR want to restore Kakatiya era Tanks
Chandrababu should guard his tongue, YCP
NATA condemns attack on CRPF Soliders
Fee for Tap Connections reduced
Congress asks US to release Telugu Students
MP Avanthi Srinivas joins YSRCP
Foundation Stone for Bhogapuram Airport
Pawan to rename Penugonda after Vasavi
Commissioner warns Rumour Mongers
CRDA Projects List for Amaravati
Congress Challenges KCR on Modi
Food Commission State Level Meeting
More Headline News...
Entertainment
RP's Roobaroo Hindi Song Video
Kalyan Ram's 118 Theatrical Trailer
Naga Chaitanya, Samantha Majili Teaser
Lakshmi's NTR Movie Trailer
Karthi and Rakul Preet's Dev on 14th
Allu Arjun wishes Brahmanandam
Sirivennela Hits first Volume from Aditya Music
Sekhar Kammula Birthday Celebrations
Mallesam Movie Trailer Released
Suvarna Sundari Trailer Launch on 5th
More Entertainment...
Crime News
Jayaram case shifted to Hyderabad Police
Action assured in Kamatipura Rape Case
Four persons commit suicide
Banker injured in firing
Rs 2K fake notes seized, six arrested
Two convicts escape from Warangal prison
'Humiliation' drives two women to suicide
Student drowns in Kapra Lake
Man found murdered in Shamshabad
One killed in hit and run case
More Crime News...
Special Stories
FTII's Film Course in Hyderabad from Feb 20
KTR meets Childhood Vendor at School
Golkonda's history in Braille released
Law Student won a Case and Donates
Minerals for Nation's Progress: TVK Reddy
India ranks 7th in Online Safety
9 Persian students got Jobs in MNCs
Pandits, PETs upgraded as Assistants
NIRD-BDL to supply free sanitary napkins
OU short-term courses in Mass Communication
More Special Stories...
 
Business
HCL new office in The Hague
Annapurna Finance raised 137 cr from ADB
Valvoline Cummins sold 100 million liters in 2018
BMW X4 launched in India
Araku Aroma Cafe in Hyderabad
BDL to supply Anti-tank Guided Missiles
Edelweiss Introduced Health 241
Srei ties up with Norwegian Finance
French National Railways Chief visits HMRL
CIE Incubator at IIIT-H Opened Applications
More Business...
Sports
Golconda Masters 2019 from Today
MANUU cricket team beats HCU
Rahul Gandhi congratulates P.V. Sindhu
Sports should be Part of Education: VP
Karna Kadur, Nikhil Pai clinch Coffee Day India Rally title
India beats China 2-1, wins Asian Trophy
Sindhu enters final, assured a medal
30th Sailing Championship from July 15
Pratyusha crowned with International Title
First match: Reigning Champs KKR to face Mumbai
More Sports...
Devotion
Sri Govindaraja Swamy Teppotsavam
Amaravati SV Temple in Two Years
Chandra Babu at Komaravolu Temple
Srivari Kumbhabhishekam in Kanyakumari on 27th
Sahasra Chandi Yagam 4th Day
Chandi Yagam continues at Yerravalli
KCR in Chandi Yagam on Day-2
Thyagaraja Aradhana on 25th at Kakarla
Paruveta Utsavam in Tirupati
TTD Chairman, EO Greeted Pilgrims
More Devotion...
NRI News
TAGC Sankranti and Republic Day Event
NATA Immigration Conference Call Today
NATA Executive Committee for 2019-20
NATS raised 600k in Kick-Off Event
Parmesh Bheemreddy new ATA President
Meet Times Teen Kavya Kopparapu on 14th
Canada Sankranthi Sambaralu Today
NJTA Sankranthi Sambaralu on 19th
SARC launch event in Edison, NJ
Anusha Kondiparti to enter Politics
More NRI News News...



 
Advertisements
Advertisements
Advertisements
Get the best Results!
Reach potential customers thru TeluguPeople.com, advertise with us!!
Beauty and Skin Care
For all your favorite branded products of Beauty, Skin Care, Perfumes, Makeup and more!
College Admissions in USA
Guaranteed Admissions or Processing Fee will be refunded. At USAdmissions.com
EducationAndhra.com
One-stop Destination for Information on Educational Resources related to Andhra Pradesh
News
Headline News
Cinema News
Business
Special Stories
Devotion
NRI News
Social Media
Facebook
Movie Gallery
Devotional Gallery
Twitter
Photo Galleries
News Gallery
Cinema Gallery
Beauty Gallery
Fashion Gallery
Sports Gallery
Travel Gallery
Devotion
Classifieds
Jobs
Real Estate
Automobile
Personals

Search TeluguPeople.com

(C) 2000-2019 TeluguPeople.com, All Rights Reserved.