Assam Rera: The Indian real estate sector has witnessed significant growth in recent years, with a surge in demand for affordable housing and the emergence of new developers in the market. However, this growth has also been accompanied by challenges such as delays in project completion, disputes between homebuyers and developers, and a need for more transparency in the sector. To address these challenges, the Government of India enacted the Real Estate Regulation and Development Act (RERA) in 2016. The act aims to regulate the real estate sector and safeguard the interests of homebuyers, developers, and real estate agents.
Assam, a northeastern state in India, has also witnessed significant growth in the real estate sector in recent years. In this blog, we will provide a comprehensive guide to RERA assam- the regulatory authority responsible for regulating the real estate sector in the state. We will cover the objectives, functions, and role of Assam RERA and the registration process for real estate projects and agents. We will also discuss the benefits of investing in RERA assam registered projects, the importance of the RERA assam website and portal, and the rules and regulations governing the real estate sector in Assam.
Also Read: Rera Kerala: Registered Projects, Rules, Document Checklist
Assam RERA – An Overview of the Regulatory Authority
Assam RERA was established in 2017 under the Real Estate (Regulation and Development) Act 2016. The regulatory authority is responsible for regulating the real estate sector in Assam and ensuring transparency, accountability, and efficiency. The regulatory authority comprises a chairperson and two members – one each from the real estate sector and the government.
The powers and functions of RERA Assam include:
- Registering real estate projects and agents.
- Maintaining a database of registered projects and agents.
- Monitoring and regulating the progress of registered projects.
- Ensuring compliance with the provisions of the RERA Act.
- Resolving disputes between homebuyers and developers.
- Imposing penalties for non-compliance with the registration requirements.
Registration Process for Real Estate Projects and Agents
Real estate projects and agents must register with Assam RERA before marketing and selling their projects. The registration process involves the following steps:
Submission of application
The developer or agent must submit an application to RERA Assam with the prescribed fee and necessary documents.
Verification of documents
Assam RERA verifies the documents the developer or agent submitted, including the title deed, layout plan, building plan, and approvals from the competent authorities.
Grant of registration
RERA Assam grants registration to the project or agent upon verification of the documents and issues a registration certificate.
The timeline for registration is 30 days from the date of application submission. Non-compliance with the registration requirements may result in penalties, including fines or imprisonment.
Assam RERA Website and Portal
The RERA Assam website and portal are essential resources for homebuyers, developers, and real estate agents. The website provides information on registered projects and agents, the registration process, the rules and regulations governing the real estate sector in Assam, and the grievance redressal mechanism.
Homebuyers can use the website to search for registered projects, file complaints against developers, and access important documents related to their property. Developers and agents can use the website to register their projects and update the status of their projects.
Click here to visit:- Assam Rera Official Website.
Assam RERA Rules and Regulations
The rules and regulations governing the real estate sector in Assam are framed under the provisions of the RERA Act. The key provisions of the act include the following:
Establishment of a regulatory authority: The act establishes a regulatory authority in each state to regulate the real estate sector.
Registration of real estate projects and agents: The act mandates the registration of all real estate projects and agents with the regulatory authority before marketing and selling their projects.
Disclosure of project details: Developers must disclose all details related to the project, including the title deed, layout plan, building plan, and approvals from competent authorities.
Escrow account: The act requires developers to deposit 70% of the project funds in a separate escrow account to ensure timely completion.
Grievance redressal mechanism: The act provides a grievance redressal mechanism to address disputes between homebuyers and developers.
Also Read: All about RERA Gujarat?
Benefits of Investing in Assam RERA Registered Projects
Investing in RERA Assam registered projects offers several benefits to homebuyers, including:
Protection of interests: It protects homebuyers’ interests by regulating the real estate sector and ensuring transparency and accountability.
Timely completion of projects: The requirement for developers to deposit 70% of the project funds in a separate escrow account ensures timely project completion.
Dispute resolution mechanism: The grievance redressal mechanism provided by RERA Assam helps to resolve disputes between homebuyers and developers.
Conclusion
Assam RERA is an important regulatory authority responsible for regulating the real estate sector in the state. The regulatory authority aims to ensure transparency, accountability, and efficiency in the sector and safeguard the interests of homebuyers, developers, and real estate agents. The registration process for real estate projects and agents is mandatory, and non-compliance may result in penalties. The RERA Assam website and portal are essential resources for homebuyers, developers, and real estate agents. The rules and regulations governing the real estate sector in Assam aim to ensure transparency and accountability. Investing in Assam RERA registered projects offers several benefits to homebuyers, including protection of interests, timely completion of projects, and a dispute resolution mechanism.
FAQs
What is the registration process for real estate projects and agents under Assam RERA?
The registration process for real estate projects and agents under Assam RERA is mandatory. Developers and agents must register with the regulatory authority before marketing and selling their projects. The registration process involves submitting various documents, including the title deed, layout plan, building plan, and approvals from competent authorities.
What is Assam RERA?
Assam RERA is a regulatory authority responsible for regulating the real estate sector in Assam. It is based on the Real Estate (Regulation and Development) Act 2016, and aims to ensure transparency, accountability, and efficiency in the sector.