Hyderabad: Homebuying transactions will be affected in Telangana State from August 1 as the state government has failed to notify the Real Estate (Regulation & Development) Act, 2016 (RERA) even after the Centre gave three months grace period, till July 31, for state governments to notify the Act.
The Act made by the Centre in May 2016 was to come into force from May 1, 2017, but the Centre gave a three-month extension after several states failed to notify the rules.
MAUD secretary Navin Mittal said, “We are trying to notify the rules in 10 days. The rules have been sent to government for approval. We don't see any major problem due to delay of 10-15 days. We are exploring the options of extending the deadline for RERA registration by two-three months. We are closely watching other states over how they are dealing with RERA.”
The Centre in April 2017 notified 32 sections of the RERA Act, 2016, which relate to registration of ongoing projects that have not received completion certificate, registration of property agents, penalties for non-compliance, etc. It had brought into forced the 59 sections of the Act in May 2016.
