Real Estate Regulation and Development Act 2016 will come into force from Tomorrow (1st May) as declared in official statement by the Ministry of Housing and Urban Poverty Alleviation. From the 92 sections, only 69 have been notified in the same office statement.
Market is already in positive about the new real estate act. Moreover, it will bolster up consumer sentiments that are rather dismal for since last two years.
Real estate industry in India is going through tumultuous times, when even Raghuram Rajan, RBI head, has emphasized over cutting prices in real estate. Therefore, it is difficult to analyze, if real estate will witness an uptick with this new act, though positive mood in market is yet to convert in to transactions in market.
The deadline for enacting laws under the act for the Centre and state governments is 31st October 2016. Meanwhile, Real Estate Regulatory Authorities, and Appellate Tribunals has to be setup within one year from the date of the statement.