To bring further transparency and harmonisation in the State’s real estate laws, Punjab Real Estate Regulatory Authority (RERA) has constituted a group to examine various laws related to real estate sector.

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, said an official spokesperson of the State Housing and Urban Development on Sunday.

The spokesperson said that after analyzing the existing laws of the State dealing in the field of real estate.

The group would submit its suggestions to make necessary modifications so that these could be harmonized with the provisions of The Real Estate (Regulation and Development) Act, 2016, and the Central Legislation.

Amendments proposed by the group would be submitted to the Government for approval said the spokesperson adding that synchronization of these laws with the provisions of The Real Estate (Regulation and Development) Act, 2016, and the Central Legislation would avoid the prevailing duplicacy or inconsistency and provide clarity to general public and various stakeholders in the real estate sector.

Notably, to protect home-buyers as well as to help boost investments in the real estate sector.

The Real Estate (Regulation and Development) Act became operational in 2016, said the spokesperson adding that Punjab was among the leading states of the country in implementing RERA.

The spokesperson said that Punjab State Real Estate (Regulation and Development) Rules, 2017, were notified by Punjab Housing and Urban Development Department on June 8, 2017.

With Real Estate (Regulation and Development) Act, 2016, becoming functional, it was observed that there were discrepancies and inconsistencies between the Act and Central Legislation and multiple laws already applicable in the state of Punjab pertaining to the real estate sector, said the spokesperson adding that to bring the prevalent laws in conformity with the provisions of The Real Estate (Regulation and Development) Act, 2016, need to examine and amend these was felt.

The state Housing and Urban Development Department had requested the Real Estate Regulatory Authority, Punjab, to form a group to take up the job of scrutinizing the laws and identify necessary changes.