Assam RERA Registration Act and Rules

Assam RERA Registration Act and Rules, The RERA Act got approval in the year 2016 and was passed by the parliament with the aim to boost the real estate industry in India. In the state of Assam, the RERA was introduced in 2017 and became a mandate. The act was established to regulate and monitor the real estate developments taking place in the state. All the dealing i.e. selling and buying in the realty industry will be now more transparent and accurate. With the implementation of this law the real estate industry has undergone a major transformation and became more reliable. 

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There will be detailed description about the quality of materials used, exact carpet area, amount of money to be paid for the area, and so on. Now, the buyers after RERA cannot be exploited by the developers and the agents by misleading information and frauds.

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The focus for introducing RERA was to bring precision in deals of the real estate sector. Every state of the country has their own set of rules and regulations to follow. With this many states have launched their online portals for RERA registration and everything relating to it. Earlier the buyer has to suffer a lot and there was no authority to listen to their grievances. But RERA opens up a window to address their problems and concern. The common man who dreams to own a house was shattered as the misleading practices were taking place. The law was very little in the favor of the buyers and then this act came into action. The RERA is here to protect the customer’s rights and interests, offering them the freedom and a platform to fight against the odds.

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Benefits of the RERA in Assam

The real estate market has now become more reliable and stable just because the Government has introduced RERA. Their dream of owning a property is easier with the rules and regulations that has made law in place for realty sector and a well-intentioned government to give them safety and security.

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There are some benefits from RERA and they are:

• The developer has to reveal the true carpet area rather than the super built up area. For long time this has been a major issue for the innocent buyers who were kept in dark but wasn’t able to complaint in open. Now, there is no space for tricking the buyers and the confusion. The consumers are smarter now and invest money with making great efforts. Earlier, they are charged high for the carpet area and buyers have to suffer hard time.

• Under the act, an authority and an Appellate Tribunal was formed to fight against the odds of the realty market and justice to be delivered in a span of time.

• The rate of interest for any delay in the possession or in the payment will be the same. The rules are made as per both the buyers and the sellers are equally held responsible and onus. Before RERA, the buyer was burdened more than the developer for the delay in the project delivery. But, now it has become a one on one game for both.

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The earlier scenario before RERA

The funds collected from the buyers were used in other projects by the developers. And in case there a situation of bankruptcy of the developer, the project was put on hold for indefinite period and the buyers suffered.

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Present scenario after RERA

But the present scenario is totally changed as the builder has to deposit a generous amount of money collected for a specific project under the supervision of CA. Now the developers are held to be responsible even after the project is delivered. They are not allowed to skip their duties or delay the project. As there are huge penalties for the same are any mal practices happen.

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Rights of the buyers

After the RERA act in Assam, the buyers were happy as they are now safe while buying property. They are paid with the penalty if the possession is delayed in the form of refund or the interest for the late. With this the malpractices of the sellers have stopped and RERA has acted as a shield for the buyers.

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• The buyer can be only asked for the 10% of the total project cost in advance by the developer.

• Within 5 years of delivery of the property to the buyer, any defect is a responsibility of the developer. The builder will get things repaired and maintained or can pay the penalty for the same.

• The buyer has been given the freedom to drop the property if the deadlines are not met. Or else they can claim interest for the period the project has been delayed.

• After you are delivered the possession if any defect in the property appears, the buyer has the right to ask the developer for the compensation for all the losses. The customer has the right to obtain any information he needs about the project form the builder.

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