RERA authority in GOA is witnessing very low registration

By Realty Quarter Bureau

Real Estate Regulatory Authority in GOA has merely seen some few registrations of the real estate agents and developers.

Goa RERA appears to be struggling to process the registrations that have come in. To ensure that realtors and real estate developers do not suffer, the department of urban development has extended the deadline for ongoing projects to register online by another month.

This is the fourth extension given under Section 59(1) of Real Estate (Regulation and Development) Act, 2016 and Section 4 of Goa Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate agents, Rates of Interest and Disclosures on Website) Rules, 2017.

Till March 23, ongoing real estate projects can continue to register under Goa Real Estate Regulatory Authority (RERA) without fear of a penalty.

“However, applications for registration can be uploaded till March 31 but with a penalty of Rs 50, 000,” secretary for urban development and interim RERA authority for Goa Sudhir Mahajan said in the circular.

RERA is an important legislation aimed at monitoring builders and their construction projects. The primary purpose of the Act is to restore confidence of consumers in the real estate sector by establishing transparency and accountability.

The RERA website was launched in mid-January and realtors and builders were allowed to register their projects.