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TN is still pending to make Real Estate Act notification
Posted on: 02/May/2017 4:59:36 PM
Notifying the Real Estate Act, 2016 is still pending by Tamil Nadu. The draft rules were initially released.
Norms in these draft were coherent with the centre’s notification including that of imprisonment or huge penalty for errant buildings. The draft rules of Tamil Nadu provides compensation to the buyer when there is any structural defect that is left unrectified within the provided time frame of 5 years. And the real estate agent who markets the property should also be registered with the authority.
Confidence of customers
These norms will bring forth better transparency, accountability and improve confidence in customers by making sure that the projects get completed within given time with pre-agreed quality, says Sarita Hunt, Managing Director at Jones Lang Lasalle India. However, the norms does not make any stress on improving responsibility of government agencies for approval.
It is important to note about single window and online clearance so that stakeholders get involved in bettering the system and the sector.
