Hyderabad: The Telangana Government will soon notify the Real Estate (Regulation and Development) Rules, said Municipal Administration and Urban Development Minister K Tarakarama Rao here on Wednesday.
The Minister held detailed discussions with Municipal Administration Secretary Navin Mittal and other senior officials on the issues. He directed the officials to prepare draft rules and submit to the government for approval.
“The government is closely studying all the rules notified by various state governments and also the rules notified by the centre for the union territories,” he said.
KTR said that protecting the interest of the buyer was of paramount importance for the government. However, he felt that the genuine concerns of the real estate sector which is a huge provider of employment should also be addressed duly protecting buyers while framing the rules.
“Hyderabad is one of the fastest growing and happening cities in the country and the government is committed to ensure the growth of the city.
During 2016-17 permissions were issued to 8,704 buildings and Rs 526.64 Crores has been collected. These include 26 residential, 21 commercial, 5 IT office space and 3 Multiplex cum Malls projects have been permitted.
A total of 23 million square feet of built up area is being developed in the city,” KTR said.
The RERA Act mandates the setting up of the real estate regulation authority and the appellate tribunal. The Act also mandates all builders to register their projects with a state level regulatory authority.
To do this the state government has to prepare its own version of the rules and place it in the legislature in the next session. The drafting of the bill has already been initiated.
One of the most far reaching pro consumer and pro industry initiative, the RERA will bring unregulated real estate sector under its domain. It will also curb unscrupulous elements in the real estate business. (INN)