AMN
The Real Estate (Regulation and Development) Act, 2016 has come into force from today. It has set in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers.
As per the notification of the Ministry of Housing and Urban Poverty Alleviation, Rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months.
As per the act, Real Estate Regulatory Authority will be formulated within one year. Regulatory Authorities will have to dispose of complaints in 60 days and Appellate Tribunals will be required to adjudicate cases in 60 days.
