Published On: Tue, Aug 22nd, 2017

The Assam Real Estate Struggle

assam real estate struggle

By Accommodation Times Bureau-

Assam Real Estate and Infrastructure Developers’ Association (AREIDA) president PK Sarma has hailed the arrest of Excise Superintendent Chiranjeeb Das for allegedly forcing an association member and engineer Partha Pratim Phukan to close down his enterprise because of non-payment of a bribe amount.
This incident has great significance for the future of Assam, which is struggling with alarming levels of unemployment, leading to agitations, bandhs, donation culture, lack of revenue in State government exchequer, financial distress etc., Sarma said.
Partha Pratim Phukan is a B Tech in Electrical Engineering from NIT, Hamirpur, under Shimla University and an alumnus of IIM Ahmedabad as well as IIM Kolkata. He had started a restaurant with bank finance as a franchisee of the world famous Indian food chain ‘Moti Mahal’. His application for bar licence was submitted ten months back, completed in all respects and meeting all the statutory requirements. “Unfortunately, Phukan was subjected to intense harassment by Excise Superintendent Chiranjeeb Das who tormented him with extortion demands. Before the election, the bribe amount demanded was Rs 25 lakh, but after the new government took over, the demand came down to Rs 5 lakh.
After failing to notify the 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.

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