Hyderabad: Homebuying transactions will be affected in Telangana State from August 1 as the state government has failed to notify the Real Estate (Regulation & Development) Act, 2016 (RERA) even after the Centre gave three months grace period, till July 31, for state governments to notify the Act.
With one day left for the deadline to end, officials in the municipal administration department said it will take at least another two weeks to complete the process of notification, which involves notifying draft rules, seeking objections to them, then drafting the final rules, and referring the rules to the cabinet for approval.
The government must then appoint a state-level regulator to implement RERA and launch a website to enable online registration of all real estate developers and brokers.
RERA mandates that all ongoing and new projects have to be registered with the regulator before putting homes/ flats up for sale. Builders should not even advertise housing projects without registering with the regulator.
All real estate projects and property agents also have to be registered with the regulatory authorities by July 31.
