Chandigarh, August 4 : To bring further transparency and harmonization in the State Real Estate Laws, Real Estate Regulatory Authority, Punjab has constituted a group to examine various laws related to real estate sector.
An official spokesperson of Housing and Urban Development said that the two-member Group would examine various Laws such as Punjab Regional and Town Planning and Development Act, 1995; Punjab Apartment and Property Regulation Act and Punjab Apartment Ownership Act, 1995.
After analyzing the existing Laws of the State dealing in the field of real estate, he said, the group would submit its suggestions to make necessary modifications so that these could be harmonized with the provisions of The Real Estate (Regulation & Development) Act, 2016 and the Central Legislation.
Amendments proposed by the group would be submitted to the Government for approval. Synchronization of these Laws with the provisions of The Real Estate (Regulation & Development) Act 2016 and the Central Legislation would avoid the prevailing duplicacy/inconsistency and provide clarity to general public and various stakeholders in the real estate sector.
Notably, to protect home-buyers as well as help boost investments in the real estate sector, The Real Estate (Regulation & Development) Act became operational in the year 2016. Punjab was among the leading States of the country in implementing RERA.
The spokesperson further said that Punjab State Real Estate (Regulation and Development) Rules, 2017 were notified by Punjab Housing & Urban Development Department on 8-6-2017. With Real Estate (Regulation & Development) Act, 2016 becoming functional, it was observed that there were discrepancies and inconsistencies between the Act and Central Legislation and multiple Laws already applicable in the State of Punjab pertaining to the real estate sector.
To bring the prevalent Laws in conformity with the provisions of The Real Estate (Regulation & Development) Act, 2016, need to examine and amend these was felt.
Housing & Urban Development Department had requested Real Estate Regulatory Authority, Punjab to form a group to take up the job of scrutinizing the Laws and identify necessary changes.