The Real Estate (Regulation and Development) Act comes into force from Sunday, setting in motion the process of making necessary operational rules and creation of institutional infrastructure to protect consumers, timely completion of projects and bringing transparency in the real estate sector.
Each state will have to come up with rules within six months and set up regulators within a year. However, in the case of Delhi, the urban development ministry will carry out these two tasks.
"A selection committee comprising of chief justice of Delhi High Court, Union housing and law secretaries will shortlist two names and recommend to the Cabinet Committee on Appointment for the final selection," a housing ministry official said.
The housing ministry will come out with model rules to help states to formulate them quickly. It would make rules for Union Territories without legislatures.
SOURCE: THE TIMES OF INDIA
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