Ministry of Urban Development finalizes real estate rules
Ministry of Urban Development has finalized the Real Estate General Rules and Rules for Agreement for Sale for the National Capital Territory of Delhi as required under the Real Estate (Regulation & Development) Act, 2016. These Rules will be notified by the 27th of this month, the extended date in this regard.
The Real Estate Rules applicable to Delhi are the same as notified on October 31 this year by the Ministry of Housing & Urban Poverty Alleviation for the five Union Territories without Legislatures. They, however, provide clarity on some aspects like litigation details to be published on website, provision for quality audit of projects and flexibility in agreement for sale.
Regarding publication of litigation details pertaining to the promoter on website, it has been specified such details in respect of litigations disposed of by the concerned court in the past five years in respect of projects developed or being developed may be published on website. This has been considered since a promoter may not have complete information about various cases filed, at the time of providing such information to Regulatory Authorities.
With regard to the Rules for Agreement for Sale between the buyer and the promoter, flexibility has been proposed so as to include other elements or features besides the apartment, plot, garage, parking, if required. This has been provided to address special contingencies relating to the nature of projects to be taken up or the needs of buyers.