Key provisions
• The new rules, applicable to residential and commercial
developments, will make it mandatory for all projects and
brokers to be registered with the real estate regulator who will
oversee transactions and settle disputes. The Act will apply to
nicipal bodies, which sanctions the project, should be brought
under this Act, as well.
The regulation will be in the interest of all concerned over the
medium term, but in the short term could create significant
transition issues. The inclusion of the ongoing projects in the
new and ongoing projects.
ambit of this Act may cause lots of confusion as developers
• Every project that exceeds 5000 sq. metres or eight units
might have sold it on the super built up area basis. Their
will have to be registered with the regulatory body and can be
might already have taken advances from the customers and
inclusion would lead to stoppage of work on the site in order
sold only after it gets the necessary approvals.
to ensure compliances.
• Cons