Hope states notify rules under real estate regulation Act

Union Minister M Venkaiah Naidu today expressed hope that all states would notify the rules under the new real estate regulation Act soon without diluting the spirit of the central legislation.
The minister also said the Act is a regulation, and "not strangulation" as was being projected by some sections.
"I appeal to all not to dilute the spirit of the central legislation," the Union Minister for Urban Development, Housing and Urban Poverty Alleviation and Information and Broadcasting told reporters here.
He said, "We have given some scope for the states to make small changes, because land is a state subject, there are state-specific things...But at the same time, they are supposed to go by the spirit of the central legislation."

Naidu was here for a review meeting on implementation of work concerning his departments in Karnataka.
The Real Estate (Regulation & Development) Act, 2016, which seeks to protect home buyers from unscrupulous developers, came into effect from yesterday.

Under the Act, states have to notify realty rules and set up Real Estate Regulatory Authority (RERA) by April 30.
Naidu said only 14 states have notified rules, and the others, including Karnataka, are yet to do so.
He said, "Karnataka has published the draft rules, today they have promised me that within the coming 15 days they will see to it that rules are all agreed ...And also they will go for appointment of regulator."

The state government will take care that the spirit of the central government legislation is implemented in Karnataka also, he added.
Asked whether ongoing projects will be under the ambit of the Act, he said, "all projects have to be included".
Noting that owning a house is a dream of every citizen, Naidu said that for this dream to come true, there is need for a multi-pronged approach by central, state governments, local bodies and the private sector.
He said, "There is need for a regulation and it is a regulation, not strangulation."
Stating that the buyer will be the king once the real estate Act is implemented, Naidu said the Act doesn't ask the builder to do anything extra, but to keep promises made to customers.

"...I'm not asking anything more, some people are trying to create fear that there will be huge regulation, there will be harassment. No, we are asking to keep the promises made in the prospectus or advertisements," he said.
At the meeting, Naidu released Rs 714 crore to Karnataka for various missions of the ministry of urban development, housing & urban poverty alleviation, like AMRUT, Swachh Bharat and Smart City, among others.