Moneycontrol
| Source: Housing.com/news

Rules under Real Estate Act framed for Delhi

The Urban Development Ministry, on November 23, 2016, finalised the rules under the Real Estate Act for Delhi, which provides for a regulatory authority to undertake third-party quality audit of real estate projects, to R

The Urban Development Ministry, on November 23, 2016, finalised the rules under the Real Estate Act for Delhi, which provides for a regulatory authority to undertake third-party quality audit of real estate projects, to ensure quality of construction.

“The Real Estate General Rules and Rules for Agreement for Sale for the NCT of Delhi, have been finalised by the ministry as required under the Real Estate (Regulation and Development) Act, 2016,” an official release said. The rules will be notified by November 27.

Regarding publication of litigation details pertaining to any promoter on its website, the rules specify that details with respect to litigations disposed of by courts in the past five years, in respect of projects developed or being developed, may be published on the website. “This has been considered, as a promoter may not have complete information about various cases filed, at the time of providing such information to the regulatory authority,” the release said.

Delhi Development Authority (DDA) vice-chairman Udai Pratap Singh, has been designated as the interim regulator.

“Till a full-fledged regulator comes into being, the vice-chairman of DDA, acting as an interim regulator, would undertake preparatory actions like setting up the website and putting in place required institutional mechanisms, so that the multi-member regulator can start functioning as and when it is established,” the ministry said.

Union urban development minister M Venkaiah Naidu approved these rules, which have been formulated after consultations with the Delhi government, New Delhi Municipal Council, three municipal corporations of Delhi, the Delhi Development Authority and other stakeholders. The real estate rules applicable to Delhi, are the same as those notified on October 31, 2016, by the Ministry of Housing and Urban Poverty Alleviation for the five union territories without legislatures.

By: Housing.com/news

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