इंडियन आवाज़     03 Dec 2023 11:57:54      انڈین آواز

Real Estate Act comes into force on May 1


The Real Estate Act will come into effect from May 1. talking to media persons in Hyderabad Union Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu said the Real Estate Act will be a win-win situation for both buyers and developers.

Real estateHe said the Act would protect the interests of a large number of buyers across the country. The minister said this act will ensures the much desired transperency, accountability and efficiency in the crucial real estate sector. He urged all the states and Union Territories to implement the Act with letter and spirit.

Mr Naidu said, 13 states and Union Territories including Andhra Pradesh, Uttar Pradesh, Bihar, Gujarat, Delhi, Daman and Diu have already notified the Real Estate Rules as required under the Act.

Mr Naidu, on the occasion said, this Real Estate Act that has been finally made a reality after long nine years wait reflects the Prime Minister Narendra Modi led NDA Government’s intention and commitment to work for the benefit of common man.

On the occasion, Mr Naidu also criticized the opposition for politicising issues like triple Talak instead of supporting on developmental issues, Mr Naidu said such politicisation will adversely impact economic development of the country.

The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year. The Act came into force from 1 May 2016 with 59 of 92 sections notified. The remaining provisions will come into force from tomorrow.

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