23 states notify rules under RERA
DSIJ Intelligence / 02 Aug 2017
The central Real Estate (Regulation and Development) Act (RERA) came into effect on May 1, 2017, exactly a year after it was passed by the parliament.
With real estate developers across the country given the deadline of July 31 to register projects that are under construction with the Real Estate (Regulation and Development) Act, 2016 (RERA), so far 23 states have notified the rules, out of which only four states have set up a permanent regulatory authority.
States which have drafted the rules but are yet to notify them include West Bengal, Telangana, Himachal Pradesh, Goa, Tripura, and Kerala.
The central Real Estate (Regulation and Development) Act (RERA) came into effect on May 1, 2017, exactly a year after it was passed by the parliament.
As per the Act, developers, projects and agents had till July 31 to mandatorily register their projects with the Real Estate Regulatory Authority. Any unregistered project would be deemed to be unauthorised by the regulator.
Under RERA each state and UT will have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act. But not all states have a real estate authority in place yet and some have diluted the original provisions as per the Central Act.
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