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Real Estate and SEZ in India => Real Estate / SEZ in India => Topic started by: resh on January 23, 2017, 10:16:25 AM
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Union Housing and Urban Poverty Alleviation Minister Venkaiah Naidu urged the states and union territories to and implement the Real Estate (Regulation & Development) Act from May this year, as proposed in the legislation. He warned the states against any dilution of the real estate regulation law as passed by Parliament and has said any such move will have serious implications, including a public outcry.
The Centre has also made it clear that all ongoing real estate projects that have not received completion certificate by May 2017 will come under regulatory mechanism. He added that Real Estate Act is one of the most consumer friendly laws passed by the Parliament and states have no power to dilute its provisions. Warning comes amid reports of some of the BJP-ruled states such as Gujarat, MP and Maharashtra and others like UP of diluting some of the provisions which could end up favouring builders.