Puducherry government has notified the real estate rules under the Centre's Real Estate Act to regulate and promote the real estate sector.
The government on July 26 notified the Puducherry Real Estate (Regulation and Development-General) Rules and Puducherry Real Estate (Regulation and Development-Agreement for Sale) Rules 2017.
The Central Act came into force on May 1, 2017 , a release from Puducherry Real Estate Regulation Authority said today.
The rules make registration of all real estate projects with the Real Estate Regulatory Authority mandatory if the land to be developed exceeded five square metres or number of apartments exceeded eight.
The release said all real estate agents should compulsorily register with the Regulatory Authority.
The rules are applicable to all ongoing projects which have not obtained occupancy certificate from the Puducherry Planning Authority. No sale in a real estate project should be done without registration of the project with the Authority, it said.
The rules also stipulated the charges for registration of the projects.
A fee of Rs 10,000 has been fixed for registration of the real estate agents (individuals) and Rs 25,000 for others. As laid down by the main Act, there should be deposit of 70 per cent of the amount collected by real estate promoters from the allottees in a separate 'escrow account' to cover the cost of construction and land cost.
A separate website would be launched soon by government for online submission of applications for registration of projects and also by agents, the release said.
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