By Our Reporter
SHILLONG, July 18: The Meghalaya government has instructed all promoters, developers, and real estate agents operating in the state to register themselves under the Real Estate Regulatory Authority (RERA) which was notified on February 18, 2020, under the Real Estate (Regulation and Development) Act, 2016, to create a transparent, accountable, and efficient framework for the real estate sector as it begins to emerge in the state.
RERA Meghalaya will oversee the registration of real estate projects, promoters, and agents, and compliance with the provisions of the Act and rules.
It will have an inbuilt adjudicating mechanism for swift resolution of disputes besides protecting homebuyer interests through regulatory oversight.
The Authority comprises a full-time chairman and two members, and functions as an independent statutory body.
Failure of all promoters, developers, and real estate agents to register themselves and their projects as mandated under the Act may attract penalties and regulatory action under the Act.