Builders can't delay projects, says new real estate act
|builders can't delay projects in India says the new real estate act/ source via - google search, business news|
An official statement said that the rules will make “within a maximum period of 6 months” as per the provisions of the Act.
It also said the proposed authorities, which will ensure timely execution of projects, and the appellate tribunals to adjudicate cases will come up in one year.
The Real Estate Act makes it difficult for promoters and builders to delay projects and gives relief to homebuyers and proposes imprisonment of up to three years besides monetary penalties for any violation of rules.
“As per the notification announcing the commencement of the Act on May 1, 2016, rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months i.e by October 31,2016 under Section 84 of the Act,” the statement said.
There will be action against the developers who do not complete the project in a timely manner and the authorities have already started taking actions and acted on how they can implement the rules as fast as possible to save time.