NEW DELHI, April 30 - The Real Estate Act, designed to protect consumer interest and improve accountability of developers, will come into force tomorrow, setting in motion the process of making necessary operational rules and creation of institutional infrastructure.
An official statement said that the rules will be made �within a maximum period of six months� as per the provisions of the Act. It also said the proposed authorities, which will ensure timely execution of projects, and the appellate tribunals to adjudicate cases will come up in one year.
The Act makes it difficult for promoters and builders to delay projects and gives relief to home buyers and proposes imprisonment of up to three years besides monetary penalties for any violation of rules.
The law also makes it mandatory for all residential and commercial projects to register with the Regulator and will apply to new and ongoing projects.
�As per the notification announcing the commencement of the Act on May 1, 2016, rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months, i.e., by October 31, 2016 under Section 84 of the Act,� the statement said. � PTI
