The Telangana government is set to notify the Real Estate (Regulation and Development) rules soon.
These rules are expected to protect the interests of both property buyers and developers. The RERA Act mandates the setting up of the real estate regulatory authority and the appellate tribunal.
The government is studying the rules notified by various states as well as the Centre for the Union Territories.
At a review meeting, KT Rama Rao, State Minister for Municipal Administration and Urban Development, said protecting the interests of the buyer is of paramount importance for the government. However, he felt genuine concerns of the real estate sector, a huge provider of employment, should also be addressed while framing the rules.
During 2016-17, permissions were issued for 8,704 buildings and ₹526.64 crore was collected as levies. Currently, 23 million sq ft of built-up area is being developed in the city.
The state government has to prepare its own rules and place them before the legislature in the next session. The drafting of the Bill has already begun.
Source: The Hindu