People, who had been waiting for property investment in Goa, have to wait till October for the postponement in state RERA implementation. According to the sources, Goa is unlikely to meet the additional time-stretch, given the by the central government on May 1. The Real Estate (Regulation and Development), came into force on May 1, since most of the states and UTs failed to notify, their RERA norms within this time limit, government had given a buffer time of 3 months, which is also about to end by July 31.
The state government of Goa has decided to extend to time limit of notifying the RERA rules for ongoing projects till October. Whereas, the union government and other states have declared that no extension will be granted after July 31. Despite its enforcement of May 1, 2017; the act has been introduced a year after of its bill pass by the both houses of the parliament. As per the central act, all the developers, agents and ongoing projects will have to be registered with the Real Estate Regulatory Authority by July 31.
The more states and UTs delay in their submission, the greater chance of the dilution of the key provisions of RERA. It was said that any unregistered project after July 31, would be declared as unauthorized and RERA holds the complete authority to seize the project. Since, the state government has failed to notify the rules and the authority as on date, the ministry of urban development has granted Goa additional time to register on time.
Designated RERA authority of the state Sudhir Mahajan said, “Builders and promoters can submit their applications of new and ongoing projects in the prescribed form which can be downloaded from the website. For ongoing projects, applications for registration will be accepted up to October 31, 2017, without levy of penalty.”
“Notification of the rules will take time. We will try to do it at the earliest,” added- Mr. Mahajan. Goa is one of those few states, which has failed to meet the timeline of notifying RERA rules. Sources have revealed that state RERA rules of Goa has been parallel to MahaRERA rules, which somewhat diluted the penalty provision for non-compliance by the builders.
The sole objective of RERA enforcement is to bring accountability and transparency to all real estate transactions. Abrupt change in plan of action and other whims of the developers and realtors will be granted no longer under RERA purview. Again, no broker or developer can advertise their respective project before getting registered with RERA. A builder needs to pay Rs. 10 per sq ft as registration fee for a project. Yet, central government is keeping mum regarding this entire event.
-LNN (Liyans News Network) - Visit Kolkata’s no: 1 real estate portal to buy luxury/ affordable flats in Kolkata. We offer free property ad posting service. Buy/Sell/Rent real estate items across the country. We provide any kind of real estate advisory service under our site without charging for the same.
The state government of Goa has decided to extend to time limit of notifying the RERA rules for ongoing projects till October. Whereas, the union government and other states have declared that no extension will be granted after July 31. Despite its enforcement of May 1, 2017; the act has been introduced a year after of its bill pass by the both houses of the parliament. As per the central act, all the developers, agents and ongoing projects will have to be registered with the Real Estate Regulatory Authority by July 31.
The more states and UTs delay in their submission, the greater chance of the dilution of the key provisions of RERA. It was said that any unregistered project after July 31, would be declared as unauthorized and RERA holds the complete authority to seize the project. Since, the state government has failed to notify the rules and the authority as on date, the ministry of urban development has granted Goa additional time to register on time.
Designated RERA authority of the state Sudhir Mahajan said, “Builders and promoters can submit their applications of new and ongoing projects in the prescribed form which can be downloaded from the website. For ongoing projects, applications for registration will be accepted up to October 31, 2017, without levy of penalty.”
“Notification of the rules will take time. We will try to do it at the earliest,” added- Mr. Mahajan. Goa is one of those few states, which has failed to meet the timeline of notifying RERA rules. Sources have revealed that state RERA rules of Goa has been parallel to MahaRERA rules, which somewhat diluted the penalty provision for non-compliance by the builders.
The sole objective of RERA enforcement is to bring accountability and transparency to all real estate transactions. Abrupt change in plan of action and other whims of the developers and realtors will be granted no longer under RERA purview. Again, no broker or developer can advertise their respective project before getting registered with RERA. A builder needs to pay Rs. 10 per sq ft as registration fee for a project. Yet, central government is keeping mum regarding this entire event.
-LNN (Liyans News Network) - Visit Kolkata’s no: 1 real estate portal to buy luxury/ affordable flats in Kolkata. We offer free property ad posting service. Buy/Sell/Rent real estate items across the country. We provide any kind of real estate advisory service under our site without charging for the same.
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