Telangana sleeps on real estate act
The Act is supposed to come into force across the country from May 1 this year.
Hyderabad: The TS government has made no progress in setting up the institutional mechanism for implementation of Real Estate (Regulation & Development) Act, 2016.
Though the Centre brought in the Act in May 2016, the TS government failed to notify real estate guidelines under the Act even after 10 months. The Act is supposed to come into force across the country from May 1 this year.
Four states and six Union Territories have notified the Act so far. The Act is aimed at protecting the interest of buyers and bringing transparency in real estate sector. Though the deadline is only 2.5 months away, the TS government is yet to initiate the process for implementation of the Act.
Under the Act, states are mandated to set up the Real Estate Regulatory Authorities and Appellate Tribunals by April 30. To do this, the state government has to first draft its own version of the Act and get it approved in the Legislature.
However, even drafting of the Bill is yet to be initiated.
With a majority of the states in the country yet to initiate measures for the implementation of the Act, the Centre recently wrote to CMs of all states to take personal interest in this regard and ensure that the Act is implemented in letter and spirit from May. Union urban development minister M. Venkaiah Naidu dashed off a letter to CMs of all states in this regard.
In the letter received by TS Chief Minister’s Office, Mr Venkaiah Naidu noted, “Real Estate Act is one of the most important reforms for the sector, which would bring benefits to all stakeholders. In the absence of Rules and Regulatory Authority and Appellate Tribunal, the implementation of the Act would be affected in your state, leading to a vacuum in the sector.”
From May 1, both real estate buyers and developers can approach Real Estate Regulatory Authorities seeking relief for violations of the contractual obligations and other provisions of the Act.
This requires the TS government to notify the Real Estate Rules, including the General Rules and Agreement for Sale Rules, setting up of Real Estate Authorities and Appellate Tribunals by April 30 so as to start functioning from May 1.