Saturday, Apr 20 2024 | Time 17:16 Hrs(IST)
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States


Mr Puri said, the Real Estate Act fills the existing gap between the Development Municipal laws and the Apartment Ownership Act, and is intended to regulate transactions (buying and selling) and
enforcement of contracts. The Act upholds the spirit of federalism by allowing the states to set up the Regulatory Authority and the Appellate Tribunal and the role of the Central Government is limited to Union Territories without legislature.
He emphasised that the Act attempts to balance the interests of the consumers and the developers by imposing clear responsibilities on both, seeks to establish symmetry of information between the promoter and the purchaser; transparency of contractual conditions; set minimum standards of accountability; and a fast-track dispute resolution mechanism. He pointed out that the Act is aimed at consumer protection, by creating an online system for information sharing so that there is mutual trust between the developer and the
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