State to finalise rule for realtors
The Bihar government may finalise the Real Estate Regulation Act (RERA), 2016 rules by March this year, the deadline set by the Centre. The RERA was notified in March 2016 and the state governments were asked to frame the rules for its implementation in their respective states within six months. At a national-level workshop in New Delhi in January, the states were asked to finalise the rules by March. "Our rules will be ready by March end," Bihar urban development and housing department minister Maheshwar Hazari told TOI on Wednesday. The Union government issued draft RERA rules in June and final rules in October last year. The Centre's rules are applicable in the five Union territories, namely Andaman and Nicobar Islands, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep and Chandigarh. These rules are supposed to serve as a model template for the states to frame their rules in view of local specifics.
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