Real Estate Regulation in Meghalaya: Boosting Transparency and Trust

The Meghalaya government has officially notified the Real Estate Regulatory Authority, marking a pivotal step to bring transparency and accountability to the state's burgeoning real estate sector. The Authority has been established under the Real Estate (Regulation and Development) Act, 2016, according to statements made by officials on Saturday.

The newly formed body is tasked with promoting fair practices, safeguarding the interests of homebuyers, and boosting investor confidence by streamlining project approvals and ensuring compliance with the Act. It will oversee the registration of real estate projects, promoters, and agents, maintaining adherence to regulations and providing an adjudication mechanism for timely dispute resolution.

Functioning as an independent statutory body, RERA Meghalaya comprises a full-time chairman and two members. The Authority has mandated that all developers, promoters, and real estate agents in the state must register their projects, emphasizing this as a legal requirement essential for building trust and credibility. Non-compliance, it warned, could lead to penalties and regulatory action.

(With inputs from agencies.)