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Draft model Real Estate Act

The ministry of Housing and Urban Poverty Alleviation has prepared a draft model Real Estate (regulation of development) Act and released it on its official website www.mhupa.gov.in inviting comments from state governments, stakeholders and experts within 45 days.

The draft act aims to establish a Regulatory Authority and an Appellate Tribunal to regulate, control and promote planned and healthy development and construction, sale, transfer and management of colonies, residential buildings, apartments and other similar properties, and to host and maintain a website containing all project details, with a view to protecting, on the one hand the public interest in relation to the conduct and integrity of promoters and other persons engaged in the development of such colonies and to facilitating on the other the smooth and speedy construction and maintenance of such colonies, residential buildings, apartments and properties and for matters connected therewith or incidental thereto.

The draft has seven different chapters which deal with regulation of development of colonies and promotion of construction, sale and transfer of residential buildings, apartments and other similar properties, role of promoter, Real Estate Regulatory Authority, Appellate Tribunal, Offences and Penalties and Miscellaneous items such as court jurisdiction etc.


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