Third party quality audit of real estate projects mandated
New Delhi, November 23:
The Urban Development Ministry today finalised rules under the Real Estate Act for Delhi which provides for a regulatory authority to undertake third party quality audit of real estate projects to ensure quality of construction.
The Delhi Development Authority (DDA) Vice Chairman Udai Pratap Singh has been designated as interim regulator.
“The Real Estate General Rules and Rules for Agreement for Sale for the NCT of Delhi has been finalised by the Ministry as required under the Real Estate (Regulation and Development) Act, 2016,” an official release said.
Notification soon
The rules will be notified by November 27. Regarding publication of litigation details pertaining to any promoter on web site, the rules specify that details in respect of litigations disposed of by courts in the past five years in respect of projects developed or being developed may be published on web site. “This has been considered since a promoter may not have complete information about various cases filed, at the time of providing such information to the regulatory authority,” the release said.
Union Urban Development Minister M Venkaiah Naidu approved these rules, which have been formulated after consultations with the Delhi Government, New Delhi Municipal Council, three Municipal Corporations of Delhi, Delhi Development Authority and other stakeholders.
Interim regulator
The Real Estate rules applicable to Delhi are same as notified on October 31 this year by the Ministry of Housing and Urban Poverty Alleviation for the five Union Territories without legislatures.
“Till a full-fledged regulator comes into being, the Vice-Chairman of DDA, acting as an interim regulator, would undertake preparatory actions like setting up website and putting in place required institutional mechanisms so that the multi-member regulator can start functioning as and when it is established,” the Ministry said in a separate release.
(This article was published on November 23, 2016)
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Source: Hindu
