Updated By: LatestGKGS Desk
Cabinet laid down rules for Real Estate Act, 2016 for territories
Union Ministry laid down rules under Real Estate Act, 2016 for completion of projects of Union territories
The Union Ministry has laid down the rules under Real estate Act (Regulation and Development), 2016.
These rules will be applicable to five union territories Andaman and Nicobar Island, Dadra and Nagar Haveli, Daman and Diu, Chandigarh and Lakshadweep Island.
Under this act, all projects must be registered with State level authorities for the protection of interest of customer and builder.
As per the provisions of this Act, all the Real Estate Regulatory Authorities (RERA) and Real Estate Appellate Tribunal (REAT) must be completed till April 2017
The main aim of setting up the rules for this real estate act is to complete all the projects of Union territories on time.
The punishment with imprisonment will be given for completing of REAT orders on time and for developers against a payment cost of 10% of project cost and 10% of the cost of property purchase in case of allotters and agents.