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ARTICLE · 26 MAY 2017

An Update On The Real Estate (Regulation and Development) Act, 2016

Kochhar & Co.
Kochhar & Co.
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Allottees are liable to a fine of up to 10% of the apartment cost or imprisonment up to 1 year for non-compliance with orders of the Real Estate Appellate Tribunal.

IndiaReal Estate and Construction
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As you may be aware, the Real Estate (Regulation and Development) Act, 2016 ("Act"), came into force on May 1, 2016 and only 69 sections of the Act were notified at that time.

It may be pertinent to bring to your attention that on April 19, 2017, the Union Ministry of Housing And Urban Poverty Alleviation notified sections 3-19, 40, 59-70, 79 and 80 of the Act. Though notified on April 19, 2017 the said sections have finally come into force from May 1, 2017.

These provisions relate to functions and duties of promoters, rights and duties of allottee(s), prior registration of real estate projects with the real estate regulatory authority, recovery of interest on penalties, enforcement of orders, offences, penalties and adjudication, taking cognizance of offences etc.

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