The Telangana government has notified its rules to the Real Estate (Regulation and Development) Act, 2016.
According to a notification issued on July 31, 2017, the state government said these rules may be called the Telangana State Real Estate (Regulation and Development) Rules, 2017. They are applicable to all real estate projects, whose building permissions are approved on or after January 1, 2017, by the competent authorities such as municipal corporations, municipalities and nagar panchayats, among others, it said.
See also: What is RERA and how will it impact the real estate industry and home buyers?
The Real Estate (Regulation and Development) Bill, 2016 was passed by the Parliament in March 2016 and all the 92 sections of the Act came into effect from May 1. Some of the major provisions of the Act, besides mandatory registration of projects and real estate agents, include depositing 70 per cent of the funds collected from buyers in a separate bank account, for construction of the project. This will ensure timely completion of the project, as the funds can be withdrawn only for construction purposes.
