UP to review real estate regulations

UP to review real estate regulations
09/05/2017 , by , in News/Views

Uttar Pradesh government will revise the real estate regulations to bring incomplete housing projects under the law. UP chief minister Yogi Adityanath assured this to Union housing minister M Venkaiah Naidu on Friday to protect the interest of lakhs of existing home buyers.

On Saturday, the CM warned the builders that his government would attach properties, if they don’t deliver what they have promised to buyers despite intervention of authorities.

Sources said Naidu took up the issue of dilution in real estate regulation rules notified by UP last week in Lucknow while reviewing Central government schemes.

“The minister pointed out how some of the UP rules were in contrary to the norms notified by the housing ministry. CM assured revision of the provisions,” a housing ministry official said, who was present in the meeting.

He added UP government officials even took a hard copy of the Central rules during the meeting.

UP’s notified rules has come under severe criticism as it has brought in several conditions that will allow most of the ongoing projects escape the new law. This is in contrary to the Central rules which says projects without completion certificate will be treated as “ongoing projects” and will have to be registered with the regulators concerned in each state.

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