No advertisement of real estate projects without registration with regulator
DSIJ Intelligence / 22 Jun 2017
The government on Thursday said that no ongoing or future projects can be advertised without registering them first with the new regulator, in order to make the advertisements issued by the real estate developers more transparent.
The government on Thursday said that no ongoing or future projects can be advertised without registering them first with the new regulator, in order to make the advertisements issued by the real estate developers more transparent.
The Real Estate (Regulation and Development) Act, which came into force from May 2017, was passed last year to regulate the real estate sector as well to safeguard buyers’ interest.
"Section 3 (1) of the Act prohibits advertisements for all projects (ongoing/future) without registration with the real estate regulator. This provision has come into effect from May 1, 2017," the ministry said, while responding to the NAREDCO’s letter.
Earlier, realtors’ body NAREDCO had submitted a representation to Ministry of Housing and Urban Poverty Alleviation seeking clarity on advertisement and sale of the ongoing projects amid conflicting reports and interpretation of the issue.