Chennai: The much-awaited Real Estate Act which promises to protect the rights of those buying properties and flats comes into force from tomorrow in 13 states and UTs. However, Tamil Nadu is yet to notify the act with its own set of regulations for developers.
The Real Estate Authority Act was passed by Parliament in 2016 and the Union Government allowed States to draft their own rules under the Act. Only 13 states and Union Territories (UTs) have so far notified the rules.
The government has brought in the legislation to protect home buyers and encourage genuine private players and all 92 sections of the Act come into effect from Monday.
“The Real Estate Act coming into force after a nine-year wait and marks the beginning of a new era,” Housing and urban poverty alleviation (HUPA) minister M. Venkaiah Naidu said.
While the Tamil Nadu Government has released draft rules that include jail for developers who fail to deliver housing projects on time, it is yet to be released. Under the Central Act, the developers will now have to get the ongoing projects that have not received completion certificate and the new projects registered with regulatory authorities within 3 months from Monday. Under the rules, it is mandatory for the states and UTs to set up the authority.
