#RealtyNewsRoundup: Real Estate Law Notified In Full
As India gears up to implement the law on May 1, the Ministry of Housing and Urban Poverty Alleviation has notified the remaining sections of the Real Estate (Regulation and Development) Act, 2016, through a gazette. The sections notified by the ministry include key measures such as registration of real estate project and real estate agents, functions and duties of developers, etc.
The Punjab government is working towards forming a law to regularise illegal colonies and transfer ownership rights to the occupants of these settlements. Media reports say Chief Minister Amarinder Singh will be setting up a panel to form policies in this regard.
The National Green Tribunal has directed the Bruhat Bengaluru Mahanagara Palike (BBMP) to withdraw a circular that reinterpreted the tribunal’s order on the lake buffer zone. The move has left the construction industry in an utter state of confusion. Earlier, the BBMP has issued a circular stating that project plans that had been sanctioned before the NGT order would be exempt from its buffer zone ruling.
Embassy Industrial Parks, a joint venture between real estate developer Embassy Group and private equity company Warburg Pincus, has acquired 24 acres area in Gurgaon for Rs 38 crore to set up a warehousing facility. The warehouse will cater to companies in third-party logistics, fast-moving consumer goods, e-commerce, pharmaceuticals and retail sectors.