Hyderabad: The long delayed draft rules for the Real Estate (Regulation and Development) Act, 2016 have reached the Chief Minister’s Office.
Chief Minister K. Chandrasekhar Rao is likely to meet builders this week before notifying the legislation in the state. The deadline is July 31.
Builders have been urging the government to ensure RERA rules do not hamper the growth of real estate sector, especially in the realty hotspots in Hyderabad and surrounding districts.
The RERA Act was passed by Parliament in May 2016 and all the states were supposed to notify the rules by October 2016 and enforce the Act from May 1, 2017. The TS government started work towards the end of April 2017 when minister K.T. Rama Rao constituted a committee with officials of civic departments to draft the rules and submit them to the government for approval.
Builders are seeking RERA exemption for ongoing projects along the lines of Rajasthan, Gujarat and, more recently, Karnataka. They sought CM’s appointments before the Act is notified
