A month after the Real Estate (Regulation and Development) Act (RERA) was rolled across India, Punjab government has finally notified the rules for the state. Officials state that the Punjab RERA rules will cover ongoing projects, as mentioned in the central Act.
Vini Mahajan, Additional Chief Secretary (Housing), has confirmed that the Punjab Urban Planning and Development Authority (PUDA) has already commenced the process to appoint a chairperson for the regulatory authority as mandated by the Act, along with two members.
Since the revolutionary Act is aimed at safeguarding the interests of property buyers in the state against unscrupulous builders, the realty sentiment in the state is likely to increase in the near future. Kultar Singh Jogi, President, Punjab Colonisers and Property Dealers’ Association commented that developers who are not keeping their promises to buyers should start worrying with RERA coming into effect.
It should be noted that the central Act, which forms a basis for the rules notified by the state, consists of 92 sections. The Act aims to infuse transparency and accountability in the sector by clarifying the code of conduct for both buyers and developers. While the central Act is applicable on Union Territories, the state governments were asked to formulate their own rules and notify them to streamline the real estate market across the country.