Union Minister M Venkaiah Naidu today exuded confidence that states would meet the deadline of notifying the real estate rules with only 10 days left for implementation of the Realty Act.
The Real Estate (Regulation and Development) Bill, 2016 was passed by the Rajya Sabha on March 10 and by the Lok Sabha on March 15 last year.
Stating that it is the "most far reaching pro-consumer and pro-industry initiative," Naidu said about 60 sections of the Act were brought into force with effect from May 1 last year.
The remaining 32 sections were notified last evening making them effective from the first of next month, he said.
The minister said these sections relate to registration of ongoing and new projects and real estate agents with regulatory authorities within 3 months from May 1 and penalties for non-compliance with the provisions of the Act.
"We have been regularly monitoring the situation with all the states and UTs in this regard," the minister said.
As per the latest information, he said, 13 states and UTs have already notified the final Real Estate rules, while another 16 have prepared draft rules and legal opinion is being taken in respect of North-Eastern states given the land ownership issues there.
"I request the state governments to act fast...I am confident that they will meet the deadline. People want RERA (Real Estate (Regulation and Development) Act) to be implemented and also appointment of the regulator," he said.
Stressing that public opinion is strong and building up day by day for the implementation of the legislation, Naidu warned those states which are not coming forward for it, saying they will "become unpopular" and "face the wrath of the public".
On a query over the problems facing home buyers in Noida, Greater Noida and other Delhi-NCR regions, Naidu said he will speak to the respective chief ministers to address the issue.
Disclaimer: No Business Standard Journalist was involved in creation of this content
