Bhubaneswar, Feb 23: During a press meet today, Housing and Urban development minister Pushpendra Singh Deo informed the media, that the State cabinet has approved the Real Estate (Regulation and Development) Act, 2016, of the central government. The cabinet also decided in forming a Real Estate Appellate Tribunal, which will be headed by a retired Chief Justice, assisted by two experts to formally judge the disputes. The Act will bring clarity in the sale and purchase of properties, added Deo.
In the scenario, a Real Estate Regulatory Authority will also be formed, which will be headed by a senior Administrative officer of a Additional secretary rank in the central government.
While to protect customers becoming victims of fraud, various steps have been taken. While registration for buying and selling is mandatory, disobeying it may attract jail term with fine upto 10% of the purchase price.
Even further, from now onwards before providing sale agreement, a real estate developer cannot charge more than 10% of the project cost from customers.
