JOIN USThe state Cabinet on Thursday again deferred taking a decision on notifying the final rules for the Real Estate (Regulation and Development) Act, 2017.
Briefing reporters after the meeting, Law Minister T B Jayachandra said discussions on notifying rules to the Act, which aim at protecting consumers’ interests and enhancing transparency in the real estate sector, remained inconclusive. “Several ministers said they needed time to read a report submitted by Chief Secretary Subhash Chandra Khuntia on the rules framed by other states,” Jayachandra said.
This is the third time the Cabinet has deferred taking a decision on notifying the final rules. It is said that the government is under pressure from builders, who want ongoing projects exempted from the final rules. According to the draft rules, all developers will have to register under-construction projects with the regulatory authority within three months of implementation of the Act.