It is now mandatory for Guwahati’s real estate developers to register their projects under Real Estate Regulation and Development Act 2016 (RERA). The state government has notified the act as Assam Real Estate (Regulation and Development) Rules 2017 in May this year.
If a builder has 10 projects, all the projects will have to be registered under Real Estate Regulation and Development Act (RERA) individually.
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There are four elements under the Real Estate Regulation and Development Act Act – RERA authority, real estate project promoter, realtor and the purchasers.
A RERA authority will comprise of two members – a retired judge and a real estate expert. Assam government is yet to form the authority. Until then the Guwahati Metropolitan Development Authority Town Planner has been appointed as the RERA incharge.
Any ongoing project without occupancy certificate will have to come under RERA. They also have the authority to punish the promoters/realtors for any false promises to the customers.
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Any ongoing project without occupancy certificate will have to come under RERA JS Kakoty Town Planner of Guwahati Metropolitan Development Authority (GMDA) and RERA-incharge said, “RERA is a quasi judicial authority and all the ongoing and future real estate projects have to be registered under it”.
Even though the Real Estate (Regulation and Development) Act (RERA) authority is yet to be formed, one real estate project is already registered under it.