Punjab’s Real Estate Regulatory Authority has constituted a group to examine various laws related to real estate sector with a view to bring transparency and harmonise the real estate laws in the state, an official statement said here.
The statement quoting spokesperson of the Housing and Urban Development Department said 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 analysing the existing laws of the state dealing in the field of real estate, the group would submit its suggestions to make necessary modifications so that these could be harmonised with the provisions of The Real Estate (Regulation & Development) Act, 2016 (RERA)…,” he said.
The amendments proposed by the group would be submitted to the government for approval.
The Punjab State Real Estate (Regulation and Development) Rules, 2017 were notified by Punjab Housing and Urban Development Department over two years ago.
To bring the prevalent laws in conformity with the provisions of The Real Estate (Regulation & Development) Act, 2016, it was felt there is a need to examine and amend these, the spokesperson said.
The Housing and Urban Development Department had requested Real Estate Regulatory Authority, Punjab to form a group to take up the job of scrutinising and examining the laws and identify necessary changes, he added.
Under RERA, each state and union territory has its own regulatory authority which frames regulations and rules as per the Act.
RERA covers both new project launches and the on-going projects which have not been completed or the occupation certificate not received.
It makes it obligatory on the part of the builders not to book, sell or offer for sale, or invite persons to purchase any plot, apartment or building in any real estate project without registering the project with the authority.