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Alert about Real Estate Draft Rule by end of May, says Minister Venkaiah Naidu

Posted on: 15/May/2017 2:41:24 PM
By end of this month, please notify the draft rules structured as per the Real Estate Act pleas Union Urban Development Minister M. Venkaiah Naidu to the Tamil Nadu government. If undone, it may hit the registration of properties, he alerts.
 
Following a review meeting at the Secretariat, at a press meet he addressed with the Chief Minister Edappadi K. Palanisamy, Mr. Naidu said he got to know about the draft rules of Real Estate Act that the state has prepared. This awaited notification by end of the month.
 
Regulatory authority
I feel good about this. I have clarified to the state government officials that regulatory authorities need to be appointed and the works are under process. They have affirmed this. There will be a problem if undone. In case of absence of regulatory authorities of appellate tribunals, the registration cant be accepted and this will effect in on project outcome.
 
Centre releases funds
Central funds of Rs 1,083 crore is released to the Tamil Nadu government so that schemes such as the Atal Mission for Rejuvenation and Urban Transformation or the Pradhan Mantri Awas Yojana could be carried out.