Bhubaneswar: The Real Estate (Regulation and Development) Act 2016 got State cabinet nod today. The law which was a long pending one is expected to be immensely helpful in safeguarding the interests of the property buyers in the State.
Informing on the new law at a Press Conference today, State Housing and Urban Development Minister Pushpendra Singhdeo said, the new law would be crucial as far as bringing transparency to sale and purchase of properties is concerned. Moreover, the law has a provision in it for the constitution of a Consumer Real Estate Regulatory Authority. The authority would be headed by a Chairman of Additional Secretary rank from Central Government who would be assisted by three members, he added.
Worth mentioning, the law has been formulated according to the guidelines specified by the Central Government. It also specifies the modus operandi of the Real Estate Regulatory Authority (RERA).
According to information, there is a provision for constitution of a Real Estate Appellate Tribunal to adjudicate the disputes between buyers and sellers. The tribunal would be headed by a retired Chief Justice who would be assisted by two experts.
Under the new law now it would be mandatory to register any kind of plot or property buying or selling. Any violation of this rule, would attract a fine to the tune of 10% of the purchase price or three years imprisonment.