THIRUVANANTHAPURAM: It’s good news for those planning to buy flats and apartments in the state. In an initiative aimed at preventing real estate frauds and exploitation in the field, the State Government plans to set up a Real Estate Regulatory Authority and Real Estate Appellate Tribunal.
Urban Affairs Minister Manjalamkuzhi Ali informed the Assembly the other day that the government has plans to introduce a new legislation - Kerala Real Estate (Development and Regulation) Act - aimed at protecting those who want to buy flats and apartments in the state.
The legislation is being made in the wake of back-to-back incidents of real estate frauds. The authority and the appellate tribunal are being planned as part of this legislation. In a written reply to questions raised by MLAs Benny Behnan, K Sivadasan Nair, K Muraleedharan and T N Prathapan, the Urban Affairs Minister said the draft Bill for the legislation is currently under the consideration of the State Government.