By Accommodation Times Bureau
The Telangana government has issued a notification , that it has notified its rules to the Real Estate (Regulation and Development) Act, 2016.
According to the notification issued on July 31, 2017, the state government informed that these rules may be named the Telangana State Real Estate (Regulation and Development) Rules, 2017. They are applicable to all those real estate projects, whose building permissions have achieved the approval on or after January 1, 2017, by the competent authorities ,such as municipal corporations, municipalities and nagar panchayats, it stated.
This act includes significant provisions such as mandatory registration of projects and real estate agents, depositing 70 per cent of the amount raised by the buyers in a separate bank account, for construction work of the project. This is to ensure the timely completion of the work, as the government has also keep a provision that this fund can only be withdrawn, for the construction work of the projects .
The Real Estate (Regulation and Development) Bill, 2016 got passed by the Parliament in March 2016 and all the 92 sections of the Act came into effect from May 1.