The Himachal Pradesh government may notify the Real Estate (Regulation & development) Act , RERA in the upcoming monsoon session.
The RERA, which aims at promoting professionalism and infusing transparency in the real estate sector, will also protect home buyers from the ambiguous deeds of developers and agents. According to Sudhir Sharma, state urban development, town planning and country planning minister, the RERA Himachal Pradesh draft rules are already published and the drafting committee has taken suggestions from various real estate stakeholders.
We will present the draft before the legislative assembly during the upcoming monsoon session. The RERA will come into immediate effect from the date of publication in the official gazette.
The Central Government notified the RERA on 1st May 2017 with reforms to increase the reliability and FDI in the real estate sector of the country. States such as Maharashtra, Rajasthan, Madhya Pradesh and Kerala are some of the few states which have notified and have developed the online portal for RERA registration of projects and real estate agents.