Union Minister for Housing and Urban Poverty Alleviation M Venkaiah Naidu has said that the Real Estate Act will come into effect from tomorrow and it will be a win-win situation for both buyers and developers.<br/><br/>Speaking to newsmen in Hyderabad, Venkaiah Naidu said the Act would protect the interests of a large number of buyers across the country. The minister said this act will ensures the much desired transperency, accountability and efficiency in the crucial real estate sector. He urged all the states and Union Territories to implement the Act with letter and spirit. <br/><br/>Mr Naidu said, 13 states and Union Territories including Andhra Pradesh, Uttar Pradesh, Bihar, Gujarat, Delhi, Daman and Diu have already notified the Real Estate Rules as required under the Act. <br/><br/>Mr Naidu, on the occasion said, this Real Estate Act that has been finally made a reality after long nine years wait reflects the Prime Minister Narendra Modi led NDA Government's intention and commitment to work for the benefit of common man. <br/><br/>On the occasion, Mr Naidu also criticized the opposition for politicising issues like triple Talak instead of supporting on developmental issues, Mr Naidu said such politicisation will adversely impact economic development of the country.'<br/><br/>The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year. The Act came into force from 1 May 2016 with 59 of 92 sections notified. The remaining provisions will come into force from tomorrow. <br/><br/>Some major provisions of the Real Estate Act, besides mandatory registration of projects and real estate agents, include depositing 70 persent of the funds collected from buyers in a separate bank account for construction of the project. <br/><br/>This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes. <br/><br/>The law also prescribes penalties on developers who delay projects. All developers are required to disclose their project details on the regulator's website, and provide quarterly updates on construction progress. In case of project delays, the onus of paying the monthly interest on bank loans taken for under-construction flats will lie on developers unlike earlier, when the burden fell on home buyers.<br/><br/>Other highlight of the Act is imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of appellate tribunals and regulatory authorities. <br/><br/>The law also prescribes Projects with plot size of minimum 500 sq.mt or 8 apartments shall be registered with Regulatory Authorities. It also fix liability of developers for structural defects for five years.

Union Minister for Housing and Urban Poverty Alleviation M Venkaiah Naidu has said that the Real Estate Act come into effect from tomorrow and it will be a win-win situation for both buyers and developers.<br/><br/>Speaking to newsmen in Hyderabad, Venkaiah Naidu said the Act would protect the interests of a large number of buyers across the country. The minister said this act will ensures the much desired transperency, accountability and efficiency in the crucial real estate sector. He urged all the states and Union Territories to implement the Act with letter and spirit. <br/><br/>Mr Naidu said, 13 states and Union Territories including Andhra Pradesh, Uttar Pradesh, Bihar, Gujarat, Delhi, Daman and Diu have already notified the Real Estate Rules as required under the Act. <br/><br/>Mr Naidu, on the occasion said, this Real Estate Act that has been finally made a reality after long nine years wait reflects the Prime Minister Narendra Modi led NDA Government's intention and commitment to work for the benefit of common man. <br/><br/>On the occasion, Mr Naidu also criticized the opposition for politicising issues like triple Talak instead of supporting on developmental issues, Mr Naidu said such politicisation will adversely impact economic development of the country.'<br/><br/>The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year. The Act came into force from 1 May 2016 with 59 of 92 sections notified. The remaining provisions will come into force from tomorrow. <br/><br/>Some major provisions of the Real Estate Act, besides mandatory registration of projects and real estate agents, include depositing 70 persent of the funds collected from buyers in a separate bank account for construction of the project. <br/><br/>This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes. <br/><br/>The law also prescribes penalties on developers who delay projects. All developers are required to disclose their project details on the regulator's website, and provide quarterly updates on construction progress. In case of project delays, the onus of paying the monthly interest on bank loans taken for under-construction flats will lie on developers unlike earlier, when the burden fell on home buyers.<br/><br/>Other highlight of the Act is imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of appellate tribunals and regulatory authorities. <br/><br/>The law also prescribes Projects with plot size of minimum 500 sq.mt or 8 apartments shall be registered with Regulatory Authorities. It also fix liability of developers for structural defects for five years.

The Real Estate Act will come into effect from tomorrow. Speaking to newsmen in Hyderabad Union Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu said the Real Estate Act will be a win-win situation for both buyers and developers. <br/><br/>He said the Act would protect the interests of a large number of buyers across the country. The minister said this act will ensures the much desired transperency, accountability and efficiency in the crucial real estate sector. He urged all the states and Union Territories to implement the Act with letter and spirit. <br/><br/>Mr Naidu said, 13 states and Union Territories including Andhra Pradesh, Uttar Pradesh, Bihar, Gujarat, Delhi, Daman and Diu have already notified the Real Estate Rules as required under the Act. <br/><br/>Mr Naidu, on the occasion said, this Real Estate Act that has been finally made a reality after long nine years wait reflects the Prime Minister Narendra Modi led NDA Government's intention and commitment to work for the benefit of common man. <br/>'<br/>On the occasion, Mr Naidu also criticized the opposition for politicising issues like triple Talak instead of supporting on developmental issues, Mr Naidu said such politicisation will adversely impact economic development of the country.'<br/>''<br/>The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year. The Act came into force from 1 May 2016 with 59 of 92 sections notified. The remaining provisions will come into force from tomorrow. '''<br/><br/>Some major provisions of the Real Estate Act, besides mandatory registration of projects and real estate agents, include depositing 70 persent of the funds collected from buyers in a separate bank account for construction of the project. <br/><br/>This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes. <br/><br/>The law also prescribes penalties on developers who delay projects. All developers are required to disclose their project details on the regulator's website, and provide quarterly updates on construction progress. In case of project delays, the onus of paying the monthly interest on bank loans taken for under-construction flats will lie on developers unlike earlier, when the burden fell on home buyers.<br/><br/>Other highlight of the Act is imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of appellate tribunals and regulatory authorities. <br/><br/>The law also prescribes Projects with plot size of minimum 500 sq.mt or 8 apartments shall be registered with Regulatory Authorities. It also fix liability of developers for structural defects for five years.

The Real Estate Act will come into effect from tomorrow; speaking to newsmen in Hyderabad Union Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu said the Real Estate Act will be a win-win situation for both buyers and developers. <br/><br/>He said the Act would protect the interests of a large number of buyers across the country. The minister said this act will ensures the much desired transperency, accountability and efficiency in the crucial real estate sector. He urged all the states and Union Territories to implement the Act with letter and spirit. <br/><br/>Mr Naidu said, 13 states and Union Territories including Andhra Pradesh, Uttar Pradesh, Bihar, Gujarat, Delhi, Daman and Diu have already notified the Real Estate Rules as required under the Act. <br/><br/>Mr Naidu, on the occasion said, this Real Estate Act that has been finally made a reality after long nine years wait reflects the Prime Minister Narendra Modi led NDA Government's intention and commitment to work for the benefit of common man. <br/>'<br/>On the occasion, Mr Naidu also criticized the opposition for politicising issues like triple Talak instead of supporting on developmental issues, Mr Naidu said such politicisation will adversely impact economic development of the country.'<br/>''<br/>The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year. The Act came into force from 1 May 2016 with 59 of 92 sections notified. The remaining provisions will come into force from tomorrow. ''''''''''''<br/><br/>

The Real Estate Act will come into force from tomorrow; speaking to newsmen in Hyderabad Union Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu said the Real Estate Act will be a win-win situation for both buyers and developers. He said the Act would protect the interests of a large number of buyers across the country. <br/><br/><br/>The minister said this act will ensures the much desired transperency, accountability and efficiency in the crucial real estate sector. He urged all the states and Union Territories to implement the Act with letter and spirit. Mr Naidu said, 13 states and Union Territories including Andhra Pradesh, Uttar Pradesh, Bihar, Gujarat, Delhi, Daman and Diu have already notified the Real Estate Rules as required under the Act. <br/><br/>Mr Naidu, on the occasion said, this Real Estate Act that has been finally made a reality after long nine years wait reflects the Prime Minister Narendra Modi led NDA Government's intention and commitment to work for the benefit of common man. <br/><br/>On the occasion, Mr Naidu also criticized the opposition for politicising non issues like triple Talak instead of supporting on developmental issues, Mr Naidu said such politicisation will adversely impact economic development of the country.'''''''''<br/>

The Real Estate Act will come into force from tomorrow. Speaking to newsmen in Hyderabad Union Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu said the Real Estate Act will be a win-win situation for both buyers and developers. He said the Act would protect the interests of a large number of buyers across the country. <br/><br/><br/>The minister said this act will ensures the much desired transperency, accountability and efficiency in the crucial real estate sector. He urged all the states and Union Territories to implement the Act with letter and spirit. Mr Naidu said, 13 states and Union Territories including Andhra Pradesh, Uttar Pradesh, Bihar, Gujarat, Delhi, Daman and Diu have already notified the Real Estate Rules as required under the Act. <br/><br/>Mr Naidu, on the occasion said, this Real Estate Act that has been finally made a reality after long nine years wait reflects the Prime Minister Narendra Modi led NDA Government's intention and commitment to work for the benefit of common man. <br/><br/>On the occasion, Mr Naidu also criticized the opposition for politicising non issues like triple Talak instead of supporting on developmental issues, Mr Naidu said such politicisation will adversely impact economic development of the country.'''''''''<br/>