HYDERABAD: The Telangana Government has notified rules to the Real Estate (Regulation and Development) Act, 2016.
According to a notification issued on July 31, the state government said these rules may be called the Telangana State Real Estate (Regulation an Development) Rules, 2017.
They are applicable to all real estate projects whose building permissions approved on or after January 1, 2017 by the competent authorities such as municipal corporations, municipalities, nagar panchayats among others, it said.
The Real Estate (Regulation and Development) Bill, 2016 was passed by the Parliament in March last year and all the 92 sections of the Act came into effect from May 1.
Some of the major provisions of the Act, besides mandatory registration of projects and real estate agents, include depositing 70 per cent of the funds collected from buyers in a separate bank account for construction of the project.
This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes.