AIZAWL, April 27 - As per the directive of the Central Government which states that Real Estate (Regulation and Development) Act, 2016 will have to be enforced in the entire country from May, 2017, Mizoram Government has planned to enforce the Act although the implementation of the Act in its entire form would be impossible in the State.
Earlier, Union Minister of Housing and Urban Poverty Alleviation M Venkaiah Naidu had said that the Real Estate Act will have to be implemented by the States and Union Territories from May without any alteration.
Mizoram UD&PA secretary Dr C Vanlalramsanga said that preparation is on to implement Real Estate (Regulation and Development) Act, 2016 though it is not entirely applicable in Mizoram and added that the Drafting Committee is making an earnest effort towards implementation of the Act.
He said that unlike in other States, there is nothing much to be done in Mizoram under the Act but regulate developers (company) and it is not connected with purchasing plot or flat. He added that the State Government will notify the rule to implement the Act by May.
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament which seeks to protect home-buyers as well as help boost investments in the real estate industry. The bill was passed by Rajya Sabha on March 10, 2016 and by Lok Sabha on March 15, 2016.
The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. For on-going projects which have not received completion certificate on the date of commencement of the Act, will have to seek registration within three months. Application for registration must be either approved or rejected within a period of 30 days from the date of application by RERA.