The Real Estate (Regulation and Development) Act, 2016 (RERA) was passed by the Indian government to protect the interests of home buyers and establish transparency. According to the act, each state and union territory must establish a regulator and formulate the RERA rules to govern its functioning.
Meghalaya is one of the states that is yet to establish a Real Estate Regulatory Authority. The RERA rules were notified in Meghalaya in November 2020.
In 2023, the Supreme Court issued notices to the chief secretaries of Nagaland, Meghalaya, Sikkim and the Union Territory of Ladakh for their response to the lack of RERA establishment in their states.
What is Meghalaya RERA?
The Meghalaya RERA, yet to be established, is the real estate regulatory authority in the state. According to the RERA Act, 2016, the regulatory authority will undertake various functions to protect the interests of the homebuyers and maintain transparency in the industry.
RERA Meghalaya: Provisions
- Registration of real estate projects: According to RERA laws, all new and ongoing real estate projects should be registered with the regulatory authority. The registration process can be completed through the official website by providing details about the project, the developerand the land title.
- Disclosure of details: Promoters must share all relevant details about a real estate project, such as the layout plan, carpet area, floor plans, number of apartmentsand facilities in the project.
- Establishment of escrow account: According to the rules, developers should deposit 70% of the funds collected from the buyers into an escrow account. The funds must be utilised only for the project’s development.
- Timely completion of projects: Promoters must complete the projects within the time specified in the agreement with the homebuyers. They must compensate in case of
- Grievance redressal mechanism: Under the RERA Meghalaya rules, the authority will provide a grievance redressal mechanism to enable buyers to file complaints related to the project against the developers.
- Penalty: Under the RERA rules, the authority can impose a penalty on the developers in case of any violation of the provisions of the act. Moreover, registration can be revoked in case of repeated violations.
RERA Meghalaya: Process for agent registration
According to the RERA Act, real estate agents must register themselves to facilitate a transaction. To register as an agent, one should visit the official RERA website and follow the steps for agent registration.
RERA Meghalaya: How to file complaints?
The state’s official RERA website allows buyers to file complaints online and seek redressal from the authority. They will be required to submit relevant documents online.
FAQs
What is the full form of RERA?
The full form of RERA is real estate regulatory authority.
What is the role of RERA?
The Real Estate Regulatory Authority (RERA) is responsible for promoting transparency in the real estate sector by protecting the interests of both buyers and developers.
How to check the details of registered property in RERA?
Visit the official RERA website in your state to check the details of registered projects.
What is carpet area?
The carpet area of a flat is the actual usable space in a property enclosed within the walls, excluding the wall thickness.
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