On Thursday, 4th May – 2017 Gujarat Government notifies RERA rules which are third and final set of rules. This rules are mandatory to be notified by each state and union territories as per The Real Estate (Regulation and Development) Act, 2016 (RERA). Said comes in to force with effect from 1st May – 2017.
Rules also made clear that it is applicable to all ongoing projects which have not received completion certificate as on 1st May – 2017. Continue reading “Gujarat notifies RERA Rules”
Real Estate sector is the one of the fastest growing sector in the India which has 4 major components – Housing, Retail, Hospitality and Commercial where the housing comprises 5-6 percent of India’s GDP. In this sector often project get delays due to lengthy procedures and compliance and hence ultimate buyers get affected. There are not less than thousands of cases where the developers cheats the buyers due to hidden conditions, delay in possession, etc. To regulate the sector it was necessary to have some binding law hence government passed The Real Estate and Regulation Act, 2016. Continue reading “Real Estate Development and Regulation Act, 2016”