RERA:
Developers can only advertise projects with CC, OC from May 1
By E Jayashree Kurup
Developers cannot advertise their under
construction projects from May 1 2017, once the Real Estate (Regulation &
development) Act (RERA) will come into force across the country from May 1,
2017. However, if they have projects that have already obtained completion and
occupancy certificates, those can continue to be advertised and sold.
However, the good news is that many states have
already created an interim authority and are ready to receive applications from
Builders and agents. This includes Kerala, Maharashtra, Punjab, Rajasthan,
Mizoram, Haryana, Delhi, Andaman & Nicobar Islands and Chandigarh.
Many others are in advanced stages of being
closed. This includes Orissa, Bihar, Jharkhand, Assam, Tamil Nadu, Andhra
Pradesh, Telangana, Tripura, Dadra & Nagar Haveli and Daman & Diu. Once
completed the final authority of Andaman & Nicobar Islands will align with
that of Tamil Nadu.
RERA is central act, it doesn’t need to be
notified by states. It’s only the Ministry of HUPA which notifies the sections
etc. However, the states are supposed to make their own rules and set up
authorities and tribunals which will function at the state and district levels.
As of Thursday April 27, 2017, 12 states had
notified the rules, 18 were in an advanced stage of doing it.
Once it is notified on May
1, developers and agents have to conform to the provisions and register
themselves with the RERA authority. Explains a ministry source, “Unless the
promoters do not register their projects they cannot advertise, whether ongoing
or future.” This is in line with Section 3 & 4 of the Act which mandates
registration of projects by developers comes into effect from 1st May. These
are discussed in more detail below.
Read more at:
http://economictimes.indiatimes.com/articleshow/58413456.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
No comments:
Post a Comment