Goa RERA Registration Act and Rules

Goa RERA Registration Act and Rules, The RERA act introduction have saved many buyers from landing into sever problems. It is a big time savior that solves the problem and clears the disputes related to real estate. The overall growth can be observed in the real estate sector as more people are finding it safe to buy and sell. The RERA registration has been made compulsory in some states and union territories. In this article we would get insights about the different parts of Goa Real Estate Regulatory Authority and much more about the process, fees, and charges.

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In the year 2017, God established the RERA and made it mandatory. They launched their online portal in 2018 that can be accessed by real estate agents, promoters and brokers. In 2019, there were 379 registered projects in Goa and 143 registered agents. Earlier they use to witness partiality between the parties and many complications arose and were reported by both the buyer and the builder. But as of now, with the introduction of RERA in Goa there has been security for both the buyer and the builder while doing any transaction wither buying or selling the properties.

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The Rules under RERA Goa are:

The RERA-Goa has implemented rules and regulations that are almost same as the other parts of states and Union Territories. But there are few modifications in Goa-RERA to uplift the realty market and overall business. The project builder/developers and the buyers under the RERA get equal protection. There are set of rules that both the parties will safeguard them and help them lead a comfortable living. Also, it has simplified the process of real estate buying and selling for both parties.

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Some rules and regulations of the RERA act in Goa

• As per the RERA act, a builder can only ask the buyers or the investors for 10% of the total project cost and not more than that.

• The builders should tell just the carpet area of the property rather telling the super built up area. it will avoid the confusion.

• In case there is delay in the purchase, the investors or the buyers are accounted to get the complete refund that he invested in the property.

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• The developers are supposed to share all the details relating to the project to the buyers. It includes everything like plan of the project, layout, etc.

• The buyers have to submit authentic and original documents that are required and it should be kept safe and should be submitted on time.

• If the buyer faces any problem after the property purchase, it must be solved in the maximum time of 5 years of buying the property.

• And if the buyer complaint is lodged then it has to be rectified within 30 days.

• If the builder/developer does not deliver what is promised earlier, then he will be liable to pay the overall compensation, for not keeping his commitment.

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Aims of Goa Real Estate Regulatory Authority (RERA-Goa)

Real Estate industry was often considered to be a risky investment and so as to reduce the risk, Government of India brought RERA. The RERA act was established and made mandatory in some Union territories and some states. And under this, RERA was also introduced in Goa. The main aim to bring RERA act in Goa are:

• To make the promoters interact with the general public and tell them about their ongoing projects

• To uplift the real estate business of the state

• To make the real estate projects and agents fall in the same authority

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Project registration RERA Goa

The real estate projects have to be registered on the RERA portal wither online or offline. Recently, in 2018 the RERA Goa introduced the online portal and made it easier to get the projects registered in few simple steps.

• Open the online portal of RERA Goa.

• It opens up with lots of options on the page.

• Among all the options, one has to select the “project registration” option and you will be redirected to another new page.

• On the next new page, after you fill your email ID to which an OTP will be sent.

• After receiving the OTP, enter it and confirm so that you can again be redirected to a new page.

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• The registration form will be shown and you have to enter the “promoter type”, and choose between the two given options- “Individual or Societies/company/Partnership/Government bodies/ Trust/ Limited liability”.

• Now you will get redirected to the main registration form for RERA Goa.

• Fill up all the necessary required details correctly.

• Make the registration fees payment and once the payment is complete, the form gets submitted.

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Agent Registration RERA Goa

If you’re an agent or a promoter you ought to do the registration process online. Just some simple steps are needed to be followed on the online portal of RERA-Goa to get you registered.

• You have to visit the online portal of RERA Goa.

• A page with lots of option will appear.

• As you would like to register for the agent, you will have to choose “Agent registration” and you will be redirected to another new page.

• Next you will have a new page on which you would enter your email ID and to that an OTP will be sent.

• Once the OTP is confirmed you further will be redirected to a new page.

• It is similar to project registration, also the registration form will be shown and you have to enter the “Agent type”, that you have to choose between the two given options- “Individual or Societies/company/Partnership/Government bodies/ Trust/ Limited liability” and then press next.

• You will have a new page that will show main registration form for RERA Goa agent registration and then you will need to fill all the details.

• Now, once you upload the relevant documents and made the payment as registration fees, your process is done.

• The whole process gets done online including the payment as well.

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