Real Estate Regulatory Authority (RERA) will soon be a reality

Venkaiah Naidu, Urban Development Minister said,Real Estate Regulatory Authority (RERA) will soon be a reality as rules under Real Estate Regulatory Act are being finalized and will be ready in the next three months. "The bill is in place and we are currently finalizing rules under this. This will be completed in the next three months and RERA will become a reality. We also have Tenancy law under consideration now," Naidu said. While talking about the government's vision of 'Housing For All by 2022', Naidu added that guidelines for the same have also been finalized and states have been given the powers for approving these projects. Financial sanctions, however, will come from central government and the minister expects this programme also to gather momentum soon. In Previous month, the government cleared the much-awaited Real Estate (Regulation & Development) Bill, 2016 in Parliament to make it federal law.The bill is also expected to bring in additional investment in the sector following the establishment of a transparent regulatory mechanism. The Act is a major step towards protecting the interest of property buyers and intends to regulate the sector. The government recently revised building bye-laws for Delhi 2016 with an objective to boost ease of doing business in the capital. The new 2016 bye-laws also integrate environmental clearances with the building sanctioning process, reduce in number of documents for building permits and completion and occupancy certificates and provide for green buildings. "Building bye laws need to be changed, Mumbai also have similar bye laws soon," Naidu said.

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