Out of 29 States in India, few of them have failed to notify the Real Estate (Regulation and Development) Act (RERA) and Goa being one of the States is whitewashing a hindrance to homebuyers. On Sunday, the State Government has provided a stretch to builders for ongoing projects to be registered under RERA, even though the Central Government refused to stipend the extension.
As per the RERA Act, it is mandatory for the builders and agents to register under RERA for the ongoing projects before July 31, 2107. Since the State Government has failed to notify the rules and the authority with respect to RERA deadline, the ministry of urban development has given Goa builders over and above time to register with RERA.
Without any excise to be paid the State Government is accepting the application for ongoing projects until October 31, 2017, under RERA Registration for builders. The application of new and ongoing projects in the prescribed form can be downloaded from the website.
The RERA bill issued by the Central Government which came into force on May 1, 2017, was supposed to regulate Real Estate sector, building interest of homebuyers in the industry and creating transparency among builders and consumers. Lucidly, it is keeping the interest of builders in mind and homebuyers who were waiting for RERA in Goa has been ignored.
Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.