The government has notified the rules for carrying out the provisions of the Real Estate (Regulation and Development) Act, 2016 promulgated by the Union Government.
The set of governing provisions have been classified as the Puducherry Real Estate (Regulation and Development) (General) Rules, 2017 and the Puducherry Real Estate (Regulation and Development) (Agreement for Sale) Rules, 2017.
The salient features of the Real Estate (Regulation and Development) Act, 2016 and the rules notified by the Government of Puducherry are that all real estate projects have to mandatorily register with Puducherry Real Estate Regulatory Authority, if the land to be developed exceeds 500 square metres or number of apartments exceeds 8.
All real estate agents have to compulsorily register with the Puducherry Real Estate Regulatory Authority. These rules will also apply to all ongoing projects which have not obtained occupancy certificate from the Planning Authorities.
No sale in a real estate project can be made without registration of the project with Puducherry Real Estate Regulatory Authority.
The charges for registration of real estate projects as prescribed in the rules notified by the Government of Puducherry have also been fixed.
