Chandigarh sets up realty regulatory body

Chandigarh has become one of India´s first to set up a temporary Real Estate Regulatory and Development Authority (RERA) to address hardships homebuyers face due to delay in possession of flats and plots. The development comes as the Central Government is set to notify the RERA Act, asking all Union Territories (UT) to implement the Act in the first phase. Since its formation needs the intervention of the centre, the UT administration has prepared a full-fledged case to be sent to the government in a day or two. Apart from private builders and real estate giants, government agencies will also be included under the new Act.