Venkaiah Naidu asks chief ministers to soon notify rules under Real Estate Act

Union Minister M Venkaiah Naidu has asked the chief ministers to soon notify the rules under the Real Estate Act, which has come into force today.

The minister also expressed "deep concern" over reports that some states/UTs have diluted the key provisions of the Act.In his letter to the chief ministers, Naidu said the Act of Parliament has a certain inviolable sanctity and there can no such dilution of the provisions of the Act and the spirit of the Act.

He said it is a matter of



concern that the real estate rules have so far notified only in respect of 14 states and UTs. Naidu asked the states to set up the regulatory authority and the appellate tribunal under the Act. 

The Minister said no new projects can be offered by developers to buyers without their registration with the regulatory authority. The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year and all the 92 sections of the Act came into effect from today.