Setback For Home Buyers in All States Except Gujarat: Find Out Why
80 views · Published 2 November 2016 · 1:03 · Indexed 21 September 2026
Channel: The Financial Express · 2016 · News & Politics
It seems nothing related to real estate development in India can ever stick to deadlines. The latest is the Real Estate Regulation and Development Act enacted by Parliament in May 2016 to protect interests of home-buyers. Since land is a state subject, even after the Centre enacts rules and regulations, state governments have to ratify it. While state governments had time until October 31 to notify rules under the Act, only Gujarat has done this. The problem is this deadline is linked to other deadlines for setting up real estate regulatory authorities and appellate tribunals. Delay in one could lead to delays down the line. The big benefit from the Act is that real estate developers will have to deposit 70% of the funds in a separate bank account to ensure project completion. Read More: http://www.financialexpress.com/fe-columnist/setback-for-home-buyers-as-states-except-gujarat-miss-deadline/436102/
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