The central government notified the remaining sections 3-19, 40, 59-70, 79 and 80 of the Real Estate (Regulation and Development) Act, 2016 through a gazette on Wednesday.
The Sections 3 to 19 include rules related to the registration of the real estate project, registration of real estate agents, duties and functions of promoters such as compensation, insurance & title of the project and rights and duties of allottees. The notified section also mandates the registration of real estate projects with the Real Estate Regulatory Authority.
As per section 40 of the Act, the interest, penalty or compensation imposed on a promoter, an allottee or a real estate agent by the adjudicating officer, Regulatory Authority or the appellate authority can be recovered as arrears of land revenue.
Vide sections 59 and 70 of the RERA Act which deals with offences and penalties, breaching of rules and orders of the RERA authority by promoters and real estate agents are punishable with fine, imprisonment or both.
As per sections 79 and 80, the jurisdiction of civil courts has been barred in the matters covered under the Act. It states that no court other than that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall take cognizance of any offence punishable under this Act.
The Real Estate (Regulation & Development) Act was notified by the Union government on May 1st, 2016 and has directed all the states to notify the RERA rules and setup the realty regulatory authorities & the appellate tribunal by 30th April 2017 and commence its full operation from May 1.
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