Maharashtra will have interim RERA by October 2016

Who will be the Real Estate Regulatory Authority (RERA)?:

1) About implementation of Real Estate (Regulation and Development) Act, 2016:

The much awaited and widely acclaimed Real Estate (Regulation and Development) Act, 2016 came into force from May 1, 2016. This has set in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers and promoting the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time bound execution of projects.

Ministry of Housing & Urban Poverty Alleviation has notified 69 of the total 92 sections of the Act on Wednesday this week bringing the Act into force from May 1,2016 culminating the eight year long efforts in this regard. A proposal for a law for Real Estate was first mooted at the National Conference of Housing Ministers of States and Union Territories in January, 2009.

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. Ministry of HUPA would make Rules for Union Territories without legislatures while the Ministry of Urban Development would do so for Delhi.

Section 84 of the Act stipulates that “The appropriate Government shall, within a period of six months of the commencement of this Act, by notification, make rules for carrying out the provisions of this Act.”

Early setting up of Real Estate Regulatory Authorities with whom all real estate projects have to be registered and Appellate Tribunals for adjudication of disputes is the key for providing early relief and protection to the large number of buyers of properties.

Section 20 of the Act says “The appropriate Government shall, within a period of one year from the date of coming into force of this Act, by notification establish an authority to be known as the Real Estate Regulatory Authority to exercise the powers conferred on it and to perform the functions assigned to it under this Act”. These Authorities decide on the complaints of buyers and developers in 60 days time.

Section 20 of this Act also empowers appropriate Governments to designate any officer preferably Secretary of the Department dealing with Housing, as the interim Regulatory Authority until the establishment of Regulatory Authority under the provisions of the Act.

Regulatory Authorities, upon their constitution get three months time to formulate regulations concerning their day to day functioning under Section 85 of the Act.

Likewise, under Section 43 of the Act, Real Estate Appellate Tribunals shall be formed within a maximum period of one year i.e by April 30,2017. These fast track Tribunals shall decide on the disputes over the orders of Regulatory Authorities in 60 days time.

Under the directions of the Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu, a Committee chaired by Secretary (HUPA) has already commenced work on formulation of Model Rules under the Act for the benefit of States and UTs so that they could come out with Rules in quick time besides ensuring uniformity across the country. The Ministry will also will come out with Model Regulations for Regulatory Authorities to save on time.

The time limits of six months for formulation of Rules and one year for setting up Regulatory Authorities and Appellate Tribunals are the outer limit and the States willing to act quickly could do so and the Ministry of Housing & Urban Poverty Alleviation would notify the remaining Sections of the Act to enable relief to the buyers under the Act as quickly as possible, as desired by Shri M.Venkaiah Naidu.

The remaining 22 Sections to be notified relate to functions and duties of promoters, rights and duties of allottees, prior registration of real estate projects with Real Estate Regulatory Authorities, recovery of interest on penalties, enforcement of orders, offences, penalties and adjudication, taking cognizance of offences etc. - Click to read more - Press Information Bureau

2) नविन स्थावर मालमत्ता कायद्यामुळे राज्यात बिल्डरांच्या मनमानीला मोकळीक:

पूर्वी अस्तित्वात असलेला ‘मोफा‘ म्हणजे महाराष्ट्र ओनरशीप फ्लॅट ॲक्ट, २०१२ साली रद्द करून राज्याने स्थावर मालमत्ता (विनियमन व विकास) २०१२ स्विकारला. या कायद्यानुसारही राज्यात स्थावर मालमत्ता नियामक प्राधिकरणाची स्थापना होणार होती. परंतु एकूणच राजकीय नेत्यांचे आणि बाबू मंडळीचेही बिल्डरांशी साटेलोटे असल्याने त्याची स्थापना झाली नाही. आता तर तो कायदाच केंद्राने निरस्त केल्याने राज्यात आधीच उल्हास त्यात फाल्गुन मास अशी परिस्थिती निर्माण झाली आहे.त्यामूळे जोपर्यंत केंद्र शासन स्थावर मालमत्ता अधिनियम २०१६ मधील सर्व तरतुदी अधिसुचित करत नाही तोपर्यंत राज्यात स्थावर मालमत्ता घेणा-यांना दिलासा देणारा एकही कायदा अस्तित्वात नाही अशी स्थिती निर्माण झाली आहे . Visit Vijay Kumbhar's Marathi Blog to Read More

Related Stories:

2) RERA to be notified on 1st May 2016

1) Pune Flat Buyers Declare War on Builder Mafia Raaj

Subscribe for Free!

To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog

Feel free to call me:

I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market.

My email id is RaviKarandeekar@RaviKarandeekar.com Feel free to write to me. I reply as soon as i can.

If you want my advice, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001