NEW DELHI: As many as 28 states and Union Territories (UTs) have so far notified the Real Estate (Regulation and Development) Act, 2016 in the country, an official said Wednesday.
According to the Housing and Urban Affairs Ministry, 20 states and UTs have established real estate appellate tribunals under the legislation, of which, seven are "regular" tribunals while there are 13 "interim" real estate appellate tribunals.
The act, which provides proper protection to home-buyers, was enacted by Parliament and states were given powers to notify their respective rules and appoint regulatory authorities.
"As of now, 28 states and UTs have notified RERA in the country. As many as 22 states have fully-functional web portals under the legislation," ministry spokesperson Rajeev Jain said.
He said that 27 states and UTs have established the Real Estate Regulatory Authority and out of these there are 13 "regular" regulatory authority while 14 are "interim" authority.
Six northeastern states -- Arunchal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland and Sikkim -- have not notified the Act - are yet to notify the RERA and its rules due to land and other issues.
The ministry will send a special team to these states on October 26 to resolve issues pertaining to the implementation of the real estate act.
However, West Bengal has notified its own real estate law -- the Housing and Industrial Regulation Act, 2017 (HIRA) instead of RERA.
The ministry has asked the state government to repeal it as there cannot be two legislations on the same subject.
Real estate developer Vatika allays fears on loan defaults
Gurugram-based real estate developer Vatika Ltd said on Tuesday that it had not defaulted on any of its loans borrowed from non-banking finance companies and housing finance companies such as HDFC, Piramal Enterprises and Indiabulls Housing Finance.
Every lender is well protected through escrow accounts which have demonstrated strong cash flows and the company remains optimistic about its FY19 sales targets, a Vatika statement quoted Anirban Mukhopadhyay, Head of Finance, Vatika, as saying.
The latest statement from Vatika comes on the heels of Piramal Enterprise’s statement on Monday, which said: “The company strongly refutes all baseless rumours of any sort/form that have been floating around with respect to its real estate loan portfolio companies.”
No comments:
Post a Comment