Urban Development Minister M Venkaiah Naidu today said that the Centre has finalized rules for the Real Estate (Regulation and Development) Act. Speaking to media in New Delhi today, Mr Naidu said, the rules will be communicated to the states soon, allowing them to set up regulators for the sector. <br/><br/>Emphasizing that the Act brings in transparency and accountability in the real estate sector, he urged the private sector to join hands with the Centre to meet the shortage of houses in the country. Mr Naidu said, this is a regulation and not a strangulation. Parliament had passed the bill in March, to regulate the real estate sector, bring transparency and help protect consumer interests. <br/><br/>The states will appoint regulators within a period of six months.The Act is touted as a major reform measure to regulate the vast real estate sector and bring order in it. It will help establish state-level Real Estate Regulatory Authorities to regulate transactions in both residential and commercial projects and ensure timely completion and handover of projects. <br/><br/>It will also be required to dispose of complaints within 60 days. Among other provisions, the Act prohibits unaccounted money from being pumped into the sector and from now, 70 per cent of the money has to be deposited in bank accounts through cheques.