Ministry of Housing and Urban Poverty Alleviation (“MHUPA”) vide press release dated April 30, 2017 notified that the Real Estate (Regulation & Development) Act, 2016 (“Act”) will come into force from May 1, 2017.After a nine year long wait, regulation of real estate sector involving over 76,000 companies across the county has become a reality from May 1, 2017. All 92 Sections of the Act have come into force following which the developers will have to get all the ongoing projects that have not received Completion Certificate and the new projects, registered with Regulatory Authorities within three months i.e. by July end. This enables the buyers to enforce their rights and seek redressal of grievances after such registration. MHUPA has formulated and circulated Model Real Estate Regulations for adoption by the Regulatory Authorities in the States/ Union Territories. Under these Regulations, developers are required to display sanctioned plans and layout plans of at least 3 feet X 2 feet size at all marketing offices, other offices where properties are sold, all branch offices and head office of the promoters in addition to the site of project.
Some of the major provisions of the Act, besides mandatory registration of projects are:
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