After failing to notify the Real Estate (Regulation & development) Act , RERA on 1st May 2017, the Assam government is still not ready with any RERA draft rules for the state. This has created an unprecedented recession in the real estate sector, which is distorting the development realty market of the state.
According to realtors in Guwahati, the construction work has miserably gone down. People have stopped purchasing real estate properties due to the uncertainty on implementing the RERA by the state government. The RERA has become a dilemma for real estate stakeholders due to the steadiness of the state government in coining the Act.
PK Sharma, President ARIEDA said that Assam already has a similar reform known as Assam Apartment (Construction and Transfer of Ownership) Act, 2006 but some of its clauses differ from the RERA.
Adding a ray of hope an official of Assam Industrial Development Corporation Limited, AIDC said that the state government will soon notify the act after taking suggestions from all the stakeholders.
Assam is among those many states which have not yet notified the RERA rules. The Central Government implemented the Real Estate (Regulation & development) Act on 1st May 2016 to bring regularity and enhance professionalism in the real estate sector of the country.