02 November 2016 Current Affairs: The Union Government has notified the rules for Real Estate (Regulation and Development) (General) Rules, 2016 that seeks to regulate the housing sector besides bringing transparency and ensuring timely completion of projects in five Union Territories.
The rules notified by the Housing Ministry will be applicable to Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep.
Ministry of Urban Development will come out with such rules for the National Capital Region of Delhi while the other States and UTs will come out with their own rules.
The Act, which is touted as a major reform measure to regulate the vast real estate sector, requires registration of all projects with state-level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders.
The Real Estate (Regulation & Development) Act, 2016 was partly brought into effect on 1 May 2016.