New Delhi: This will essentially set in motion the process of making operational rules and creation of institutional infrastructure.
It is learnt the proposed authorities, which will ensure timely execution of projects, and the appellate tribunals to adjudicate cases will come up in an year’s time.
What does the Act provide :
1) Makes it difficult for promoters and builders to delay projects
2) Provides relief to home-buyers and proposes imprisonment of up to 3 years
3) Mandates monetary penalties for any violation of rules by the builders
4) Makes it mandatory for all residential and commercial projects to register with the regulator and will apply to new and ongoing projects
As per the notification announcing the commencement of the Act on May 1, 2016, rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months i.e by October 31,2016 under Section 84 of the Act.
A proposal for a law in the real estat sector was first mooted at the National Conference of Housing Ministers of States and Union Territories in January, 2009.