Punjab’s Real Estate Regulatory Authority has constituted a two-member group that will examine various laws related to real estate sector with a view to bring transparency and harmonise the real estate laws in the state. RERA Punjab was constituted in August 2017. The two-member group would examine various laws such as Punjab Regional and Town Planning and Development Act, 1995; Punjab Apartment and Property Regulation Act and Punjab Apartment Ownership Act, 1995. After examining these Acts, the group will submit its suggestions to make necessary modifications so that these could be harmonised with the provisions of The Real Estate (Regulation & Development) Act, 2016 (RERA). Most of these laws were enacted 25 years ago and some of the provisions of these Acts have become out of sync with modern laws and hence the decision to review them.
The Housing and Urban Development Department had requested Real Estate Regulatory Authority, Punjab to form a group to take up the job of scrutinising and examining the laws and identify necessary changes.
Under RERA, each state and union territory has its own regulatory authority which frames regulations and rules as per the Act. The RERA it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. RERA covers both new project launches and the on-going projects which have not been completed or the occupation certificate not received.