NEW DELHI: Even though the central government has formed the Real Estate (Regulation and Development) Act, 2016, it has very limited powers if states delay the forming and implementation of laws, said Rao Inderjeet Singh, Minister of State (IC) for Planning, Minister of State for Urban Development and Housing and Urban Poverty Alleviation, GOI.
Singh was speaking at India Realty Congress 2017 organised by ETRealty in association with NAREDCO.
Minister, however, emphasized that consumer interest must be protected at any cost and there should be no fly by night operators.
He further added that central government is aware of the fact that there is an ambiguity where authorities not in place in many states and stakeholders are to register by 31 July 2017. “We are trying to address the issue as soon as possible and I am hopeful authorities for rest of the states will be in place by 31st July.
Rajeev Talwar, Chairman of NAREDCO said that they will be doing a handholding exercise for all stakeholders in order to help them understand and register in accordance to RERA.
So far, 11 states and 7 union territories have notified state rules while rest of the states are in the process. Only three states i.e. Kerala, Madhya Pradesh and Maharashtra have online portal for registration of stakeholders.