New Delhi: Centre has warned the states of a serious situation of vacuum arising if necessary institutional mechanisms are not put in place under the Real Estate Act. The buyers are entitled to seek relief under the Act with effect from the first of May this year. Only four states and six Union Territories have notified the final Real Estate Rules so far.

The Central government has also received complaints of violation of the provisions of the Act by some states. Recently, Minister of Housing and Urban Poverty Alleviation, Venkaiah Naidu had urged the state Chief Ministers to take personal interest in ensuring implementation of the Act in letter and spirit. He stressed that the Act is one of the most important reforms for the sector, which will bring benefits to all stakeholders.

Mr Naidu also cautioned the Chief Ministers stating that appropriate steps are required to establish the Real Estate Regulatory Authorities and the Appellate Tribunals by 30th April this year. He said, the time lines are important as the Act will commence its full operation from 1st of May 2017. AIR correspondent reports that under the Act, both buyers and developers of real estate property can approach Real Estate Regulatory Authorities seeking relief against the other for violation of the contractual obligations and other provisions of the Act.