The RERA Act protects the rights of buyers as well as sellers. Since the implementation of RERA Assam, 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.
Objectives behind the RERA Assam
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.
Why register with Assam RERA
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.
Better resolution to the real estate disputes
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.
Reduced delays in project completion
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.
Improved sector professionalism
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.
Establishment of Standard Carpet Area
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.
Documents required for RERA registration
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.
- Duly filled application form.
- Payment slip.
- Photograph of the real estate agent or promoter.
- Requisite Experience Certificate.
- Details Of Registration in any other part of the country.
- PAN Card.
- Authorization Resolution Copy.
- Proof Of Address (of the business).
- Other documents as well as information required by the Assam RERA (it may vary from state to state):
Documents required by the Promoter / Company
- Incorporation certificate of the company.
- Association for Memorandum and Association for articles copies.
- TAN card.
- Information regarding prior experience in real estate.
- Information of directors and shareholders.
- The present real estate project.
- Email of the promoter.
- Company Identification Number.
Documents required by individual Promoter / Builder
- Name of the individual.
- Name of their father.
- Website of the promoter.
- ITR (Income Tax Returns).
- Experience with previous projects.
- Email id
- Income Tax details.
- Balance Sheets (Audited).
Documents required by the Real Estate Agent
- Details of their Tehsils.
- State and District.
- Bank Details.
- PAN Card.
- Father’s Name.
- Certificate Of Digital Signature.
- Copy of Registration Fees.
- Date Of Registration.
- Date of Payment.
- Name of the Individuals.
- Details of Income Tax.
- Balance Sheets (Audited).
How to register with RERA Assam
Following are the steps that you need to follow in order to register with RERA Assam.
- You will need to visit the office to register as a real estate agent, promoter, or builder with RERA Assam.
- Get the relevant RERA registration Assam form by going to the appropriate department.
- You must complete the application with all the necessary information and sign it to verify it.
- You must submit your application along with all the supporting documentation specified on the application form.
- You must pay the application processing fees after submitting your application to the appropriate authority. You will receive an acknowledgment slip after paying the RERA agent registration fees, which you should keep on hand for future use.
- Your application and all supporting documentation will be sent for verification after you have paid the RERA registration fees.
- The relevant authority will approve the application following the verification process and proceed with the registration process.
- Once the RERA license has been created, the applicant must collect it up from the office.
Complaint Registration Under Assam RERA
- Visit the official Rera Assam Website at rera.assam.gov.in
- On the RERA website in Assam, register an account, and then sign in.
- Choose and click “Complaint Registration” from the menu.
- After that, you will be taken to the e-form. Complete the form with the necessary information regarding Assam’s RERA-approved projects. Include supporting documentation to help you make your case.
- Pay the fees required by the portal in order to submit your complaint.
Conditions for Filing a Complaint
- Possession Delay
- False Promises In The Advertisement
- Defects In The Structure Of Project
- Transfer Of Ownership
- Zero Details About The Project
- Payment In Advance
- Project Registration In An Improper Way
- Falsely Advertising The Project
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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