Centre notifies rules for Real Estate Act for five UTs

The Centre notified the rules for Real Estate Act, that seeks to regulate the housing sector besides bringing transparency and ensuring timely completion of projects, which will be applicable for five Union Territories-The Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep.

The rules state that a developer will be required to refund or pay compensation to the allottees with an interest rate of SBI’s highest Marginal Cost of Lending Rate plus two per cent in case of delay in project.It stipulates that such payment to the allottee be made within 45 days of it becoming due.  
Source- The Hindu

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