As per current reports, only four real estate projects and a mere 6 real estate agents have been successful in getting their registrations as per the Goa RERA or Goa Real Estate Regulatory Authority. These figures are clearly shown on the Goa RERA site as per reports. Several market experts and real estate developers have expressed their discomfort over the sluggish pace of RERA registrations which could bring the entire realty market in Goa to a complete standstill. This is one situation that is avoidable and hence the urban development department has finally come to the rescue of applicants for registration.
The deadline for registering ongoing projects has been increased by one month and this will ensure lower hassles for real estate developers in the State. There seems to be a major issue plaguing Goa RERA with regard to swiftly processing registrations that have already been received. This is the 4th time that an extension has been provided as per the Section 59 (1) of Real Estate (Regulation and Development) Act of 2016 and also under the 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.
Ongoing real estate projects can register under Goa RERA (Real Estate Regulatory Authority) till the 23rd of March, 2018. There will be no penalties imposed and this is something real estate developers need not fear anymore. However, one can upload applications for registration till the 31st of March, 2018. Yet, penalties of Rs. 50, 000 have to be individually paid for each case according to experts. RERA is a major reform that is aimed at getting real estate developers to comply with several regulations and also at monitoring them and their real estate projects. The Act seeks to revive the confidence of homebuyers by ushering in more accountability of real estate developers and greater transparency.
The Goa RERA website launched in January, 2018 and real estate developers have been allowed to get their projects registered since then.