#WeeklyNewsRoundup: Centre Set To Notify Real Estate Act

Realty News Roundup is PropGuide's selection of the week's top stories from the real estate sector.

Moving a step closer to regulate the real estate sector, the Centre plans to notify the Real Estate Act soon. The legislation is likely to be notified by the Ministry of Housing and Urban Poverty Alleviation within 10 days. Real estate rules to be notified by the housing ministry will be applicable to Union Territories of Andaman & Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman & Diu and Lakshadweep. While the ministry will formulate the rules in this regard for the National Capital Region, other states and UTs will come out with their own rules.

Bihar state capital Patna and other six cities that failed to make a cut in the two rounds of the Centre's Smart Cities list will compete in the third round of that will be held in March next year. The Union Ministry of Urban Development has said that all the cities competing in the third round will have to finalise their draft papers by March 9. A state-level steering committee will approve the proposal on March 25, after which they will be sent to the Centre.

In order to give a fresh push to the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), the Urban Development Ministry has decided to clear urban renewal projects worth Rs 25,000 crore for the next three years this month.

The flagship scheme plans to revamp 500 cities, with an emphasis on water supply, sewerage network and community parks. To generate more funds in a short span of time, the Haryana Urban Development Authority (Huda) has decided to tweak the payment policy of properties bought through an auction, from six years to 120 days. Till now, buyers of Huda property had to pay six annual instalments over six years. Under the new policy, which is expected to be implemented from next year, the entire amount has to be paid in just four months.

Source: Media reports