The Real Estate Act, 2016 comes into force today, 1st May 2017

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The Real Estate (Regulation and Development) Act, 2017 (RERA) comes into force from 1st May 2017 which is likely to bring the transparency in the real estate sector and protects the right of the consumers in buying the residential properties.

As per the provision of the Act, the real estate developers shall not be allowed to take the advances and the booking amount from the customers in the projects which are yet to be launched till the registration with the RERA. Further, as per the current guidelines, all the developers have to register the under-construction projects along with all the relevant details by July 31st, 2017. Further, the buyers will pay only on the basis of carpet area, project details will have to be updated quarterly on the RERA website and project accounts will have to be audited annually by a chartered accountant. In case of any delay on the projects, the developer will have to pay the interest to the home buyers, along with the other conditions.

Till date, around 13 states and union territories have notified their rules which include Uttar Pradesh, Gujarat, Madhya Pradesh, Orissa and Delhi and it is expected that the other states should have the rules in place very soon.

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