Deadline ends: 23 states, Union Territories set up real estate regulatory body

Under the Real Estate Regulation and Development Act, every state and UT must have its own regulator for mandatory registration of ongoing projects.

Published: 01st August 2017 08:25 AM  |   Last Updated: 01st August 2017 08:28 AM   |  A+A-

Realty, Real estate, Investment

Image used for representational purpose.

By PTI

NEW DELHI: With the deadline for mandatory registration of ongoing projects under real estate rules ending today, 23 states and UTs have either established permanent or interim regulatory authority for the purpose.

Under the Real Estate (Regulation and Development) Act (RERDA), every state and UT must have its own regulator.

Developers will not be able to market their projects, both ongoing or upcoming, till they register either with the permanent or interim regulator in states.

For ongoing projects, where completion or occupancy certificate has not been given, the deadline for registration ends today.

Only 4 states -- Gujarat, Maharashtra, Madhya Pradesh and Punjab -- have established permanent Real Estate Regulatory Authority, while 19 states/UTs have established interim authority, an official with the Housing and Urban Affairs Ministry said.

Till now, only 23 States/UTs have notified the rules under the Act, while six states have drafted the rules but have not yet notified.

A total of nine states/UTs have appointed interim Appellate Tribunal under the Real Estate Act, while only 7 states have started the online registration under the Act.

Maharashtra has received about 3,700 applications for project registration and 3,800 for agent registrations, while Gujarat got 110 applications for registration of projects and 80 for agents, the official said.

Madhya Pradesh got 700 applications for registration, both projects and agents, while Karnataka got about 160 applications for project registration and 54 for agent registrations, he added.

Rajasthan received about 196 applications for Project Registration and 143 for agent registrations, the official said.

 

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