Real Estate Act 2016 to come into effect from 1 May
The Real Estate (Regulation and Development) Act 2016 - structured to protect consumer interest and improve transparency of developers - will come into effect on 1 May.
The Act, which will ensure the timely execution of projects, states that the complaints of the buyers and the developers have to be addressed within a period of 60 days.
Earlier this week, the Ministry of Housing and Urban Poverty Alleviation (HUPA) notified that the Real Estate Act will be developed and formulated by central and state government within a maximum period of six months - by 31 October, 2016.
While the HUPA ministry will oversee the rules for union territories without legislatures, Delhi will be under the care of the ministry of urban development.
-- With agency inputs
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