#RealtyNewsRoundup: Real Estate Law Comes Into Force

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The Real Estate (Regulation & Development) Act, 2016, comes into force today. According to Urban Development Minister M Venkaiah Naidu, the law will not only boost homebuyers confidence but also assist real estate developers set a new benchmark for themselves through a paradigm shift. However, only 13 states and union territories have notified rules in this regard. States that yet to notify rules include Assam, Chhattisgarh, Himachal Pradesh, Jharkhand, Karnataka, Mizoram, Punjab, Tamil Nadu, Telangana, Tripura and West Bengal. After the Act was notified on May 1 last year, states were required to notify final rules within six months, ending October 31.

Meanwhile, the Confederation of Real Estate Developers of India has said that since the Uttar Pradesh government is yet to form a regulator to implement the rules framed under Act, developers in the national capital region will have to provide disclaimers of being new law-compliant in case they are promoting their under-construction projects.

The National Housing Bank is engaging with states to reduce stamp duty and registration fees on homes to five-six per cent. For an average Indian homebuyer, the total ownership cost would fall significantly if states accept the suggestions made by the bank.

The Centre has said the Navi Mumbai Airport may get operational by 2020, a year later than expected. Earlier, the government was aiming for the first flight from the airport to take off by 2019-end.

Source: Media reports