STOCK MARKET BSE NSE

Telangana notifies RERA rules

Some of the major provisions of the Act include depositing 70 per cent of the funds collected from buyers in a separate bank account for construction of the project.

Published: 03rd August 2017 06:41 PM  |   Last Updated: 03rd August 2017 06:41 PM   |  A+A-

Realty, Real estate, Investment

Image used for representational purpose.

By PTI

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This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes.

Stay up to date on all the latest Telangana news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp