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Real Estate (Regulation & Development) Rules soon

The Telangana government will notify the Real Estate (Regulation & Development) Rules soon.

Minister for Municipal Administration & Urban Development K T Rama Rao today held discussions with Municipal Administration Secretary Navin Mittal and other senior officials. The Minister directed the officials to prepare draft rules and submit to the government for approval..

 

The State government was closely studying all the rules notified by various State governments and also the rules notified by the Centre for the Union Territories. The Minister said protecting the interests of the buyer was of paramount importance for the government. However, he felt that the genuine concerns of the real estate sector, which is a huge provider of employment should also be addressed duly protecting buyers while framing the rules.

Hyderabad is one of the fastest growing and happening cities in the country and the government was committed to ensure growth of the city. During 2016-17, permissions were issued to 8,704 buildings and Rs 526.64 crore has been collected. These include 26 residential, 21 commercial, five IT office space and three Multiplex-cum-Malls projects have been permitted. A total of 23 million square feet of built-up area was being developed in the city.

 

The government mandates setting up of the Real Estate Regulation Authority and the appellate tribunal. The Act also mandates all builders to register their projects with the State level regulatory authority. To do this, the State government has to prepare its own version of the rules and place it in the legislature in the next session. The drafting of the bill has already been initiated.

 

One of the most far-reaching pro-consumer and pro industry initiatives, the RERA will bring unregulated real estate sector under its domain. It will also curb unscrupulous elements in the real estate business. (NSS)