The RERA Act protects the rights of buyers as well as sellers. Since the implementation of Assam RERA, the state has seen a rise in real estate investment and transparent transactions with sellers. The RERA act came into effect in Assam in 2017 to regulate the dealings and improve transparency in the real estate sector. Since the act’s implementation, there have been many changes in the real estate sector. The customer can easily access all the details related to the project, such as carpet area, quality of construction materials, price per sq/ft, etc. Now, there is no longer a chance that the developer or builder will defraud the buyer.
The establishment of the RERA in each state has made real estate efficient. Below are some key points on how RERA Assam has improved the real estate sector of the state.
The continued registration of institutions under RERA Assam will bring more transparency to its RERA transactions. As per RERA, all real estate companies must tell the buyers about any change in the RERA-approved projects in the state. It is mandatory for the buyers to know every detail about the project. Following that, registration under Assam RERA will make compliance with the acts and rules mandatory.
When a company registers under Assam RERA, its accountability automatically increases. In addition, the company will be held accountable for informing its buyers and owners about the project’s progress. If the company fails to keep the promise it made when selling the project, the buyer has the right to file a complaint with the Assam Regulatory Authority.
Another consideration for registering under Assam RERA is uniformity. The Real Estate Regulation Act is applicable in all Indian states and union territories. As a result, all regulations applicable under the Assam RERA are also applicable under the various RERAs throughout the country.
RERA’s primary function is to regulate transactions and increase transparency in real estate matters. This regulatory body eliminated the chances of promoters and agents defrauding buyers.
RERA Assam will handle all complaints about real-estate transactions or dealings. As a result, with the acts and rules of RERA Assam, all property disputes will be resolved quickly.
Unnecessary delays are a major factor in real estate transactions. The state’s unnecessary document processing delays have decreased since RERA’s implementation. RERA Assam has also decreased delays at every single stage of real estate transactions.
Prior to the implementation of RERA, the real estate sector had no professionalism. But everything came together after RERA was put into effect in Assam. After RERA, the amount of unethical real estate transactions significantly decreased, which greatly increased the industry’s professionalism.
Every builder has their own way to calculate the carpet area of their projects before the implementation of RERA. There is now a standard method for calculating the carpet area of a project under RERA.
According to RERA Assam, carpet area is the total usable floor area of a project, excluding any open terraces, verandahs, or areas covered by external walls. The areas covered by any internal partition walls in the apartment are taken into account when calculating the carpet area.
Now, in accordance with the guidelines outlined in the RERA act, the builders must specify the actual carpet area offered.
Prior to the registration process, you must ensure that you have the documents required for registration. Your application might get rejected if you miss any of these documents, or you will be required to submit them later on. Here is a list of required documents for sellers and agents for RERA registration.
Following are the steps that you need to follow in order to register with RERA Assam.
Remarkably, RERA Assam has decided to punish builders harshly for failing to finish projects within the allotted time frame. The Real Estate Regulatory Authority will locate those builders via GMC or GMDA. In addition, the questions and grievances of particular homeowners must be addressed by these builders.
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