MoHUA: Establish real estate regulatory authority immediately

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By Accommodation Times Bureau

The ministry of housing and urban affairs (MoHUA) has asked state to establish a real estate regulatory authority immediately and assign the task of appellate tribunal to any existing tribunal where such a system has not been put in place.

In a letter to all chief secretaries and lieutenant governors on Friday, MoHUA secretary Durga Shanker Mishra said the situation has turned “grave” because in the absence of rules, regulatory bodies or appellate tribunals, transactions in the real estate sector would suffer from July 31.

As per the Real Estate Regulation Act (RERA), all existing and new projects have to be registered with the regulator by July 31. Failure to do so will attract penalty of 10% of the project cost. Two sets of builders have challenged the provision for mandatory registration of ongoing projects in two high courts.





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