The Kerala government today decided to promulgate an ordinance to check malpractices in the real estate sector in the state and ensure timely handing over of residential flats to its owners by builders.
The ordinance titled 'Kerala Real estate (Development and Regulation) was in the wake of complaints of large-scale cheating in the sector, Chief Minister Oommen Chandy told reporters here today.
It envisages setting up Realestate Regulatory Authority and Realestate Appelate Tribunal to bring under law the process of sale and construction of buildings including shopping and residential complexes, he said.
The Cabinet recommended to the Governor Justice (Retd) P Sathasivam to promulgate the ordinance, he said.
State Minister for Urban Affairs and Welfare of Minorities Manjalamkuzhi Ali said the objective was to create an ideal climate for investment in the real estate sector.The new law would resolve disputes between flat builders and owners, he claimed.
Ali said the Realestate Appelate Tribunal would have the power of the judiciary and said there were provisions in the law to ensure that flats are handed over to the owners on time and on the agreed rate, he added.
Maharashtra is the only state which has implemented such a law, he added.
