more-inThe Real Estate (Regulation and Development) Act, 2016, mandatorily requires promoters to register all real estate projects with the Real Estate Regulatory Authority (RERA) in their respective States. This registration is vital for any real estate project, because even the marketing of a project without this registration is illegal. The Ministry can issue an order regularising the marketing and sale of real estate projects in States where the regulatory authority or the rules under the Act are yet to be enacted. Any such order regularising these unregistered real estate projects will have to be laid before each House of Parliament immediately after it has been made. Using remedies like Section 91 to regularise these projects cannot replace a secure regulatory environment in building the trust of buyer.

Source: The Hindu April 18, 2018 18:45 UTC