New Delhi : The Ministry of Housing on Friday hosted on its websites the draft real estate rules, inviting suggestions from public within two weeks.
The ministry is seeking to implement the Real Estate Act, 2016, that came into force on May 1, and put an end to malpractices in the real estate business by bringing the latter under strict vigil and regulations.
One of the significant inclusions in the rules envisages that the real estate promoters cannot discriminate against anyone in the allotment of any apartment, plot or building on any ground, as assured by Minister M Venkaiah Naidu during a debate on the Bill in Parliament.
The ministry sources said the rules require the constitution of a real estate regulatory authority by the state governments. The authority will, in turn, put out information in respect of 60 aspects relating to promoters and their projects.
The rules state that the selection committee should be headed by the concerned state’s high court chief justice or his nominee; housing and law secretaries can be members of the regulatory authority and the appellate tribunals.
Under the rules, the project registration fee to be deposited with the regulatory authority is fixed at Rs 10 per sq metre, if the residential plot is below 1000 sq mt,
and at Rs 20 per sq mt if the plot is larger; the rates for the commercial plots with similar areas are pegged at Rs 50 and Rs 100 per sq mt. The rules further require the promoters to apply for registration of the ongoing projects within three months and disclose relevant information, including the size of the apartment based on carpet area.Moreover, real estate agents will assist the allottee and promoter in exercise of their respective rights at the time of booking and sale of any plot, apartment or building.
A ministry spokesman said after eliciting the public suggestions over the next two weeks, the draft rules will be discussed with the union territories and then sent for legal vetting. Thereafter, the rules will be notified.
