This announcement will further bring downfall in the market which has seen no sales growth in the past few years.
RERA (Real Estate Regulatory Act) was passed in 2016 to bring transparency in the sector and get rid of the fraud builders to protect homebuyers’ interest. The act was implemented in May this year.
NAREDCO, the body of realtors, had submitted a presentation to Ministry of Housing and Urban Poverty Alleviation asking for some clarity on the ongoing projects’ advertisement issue and the interpretations going on for the same.
“As per section 3 (1) of RERA, the advertisements for the projects which are not registered with the real estate regulator is prohibited”, as made clear by the Ministry.
But the President of NAREDCO has said that this prohibition will severely affect the real estate sector.
The section also states that the promoters of ongoing projects should apply for the registration of the project with the authority within three months from the commencement date of RERA.
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