All About Rera Goa – Registration Process, Fees, Rules

RERA (Real Estate Regulation and Development Act) has been a significant regulatory framework implemented in India to bring transparency and accountability to the real estate sector. RERA Goa refers to the specific application of RERA in the state of Goa. With the introduction of RERA Goa, the real estate landscape in Goa has transformed, aiming to protect the interests of homebuyers and regulate the activities of developers. This outline explores the background, key provisions, impacts, challenges, and success stories associated with RERA Goa, highlighting its role in enhancing consumer confidence and promoting sustainable real estate development in the state.

Key Provisions of RERA Goa

The key provisions of RERA Goa revolve around the registration of real estate projects, the duties and responsibilities of developers, the rights and obligations of homebuyers, and the establishment of the Goa Real Estate Regulatory Authority. Here is a detailed explanation of these provisions:

1. Registration of real estate projects:
   • RERA Goa mandates that all real estate projects with an area exceeding 500 square meters or comprising more than eight apartments must be registered with the regulatory authority.
   • Developers must provide detailed information about the project, including land status, layout plans, completion schedule, and financial details.
   • Registration ensures transparency and accountability in the real estate, providing homebuyers access to comprehensive project information.
2. Duties and responsibilities of developers:
   • Developers must adhere to the approved project plans, specifications, and construction timelines as registered with RERA Goa.
   • Approved construction materials and techniques are mandatory, ensuring the construction properties’ quality and safety.
   • Developers must establish an escrow account to deposit a minimum of 70% of the funds received from homebuyers, which will be utilized solely for the construction and development of the project.
3. Rights and obligations of homebuyers:
   • RERA Goa gives homebuyers the right to obtain accurate and timely information about the project, including the developer’s track record, approvals, and possession dates.
   • Homebuyers have the right to seek a refund of their investment with an appropriate interest in case of project delays or violations by the developer.
   • Any unfair trade practices, false advertising, or misleading information by developers are strictly prohibited under RERA Goa, protecting the interests of homebuyers.
4. Establishment of Goa Real Estate Regulatory Authority:
   • The regulatory authority is a central body responsible for implementing and enforcing RERA Goa.
   • It ensures developers’ compliance and facilitates the resolution of disputes between developers and homebuyers.
   • The authority also maintains a real estate project database, allowing the public to access project-related information and monitor the progress of registered projects.

Overall, these key provisions of RERA Goa aim to create a transparent and accountable real estate sector, safeguarding the rights of homebuyers while promoting responsible practices among developers.

Also Read: Rera Uttarakhand: Everything You Should Know

Registered projects in RERA Goa

You must enter the project’s alphanumeric RERA ID in the “Search project /agent name” box on the homepage to see whether the project in which you are interested in investing is registered with RERA Goa and to determine its status. Click on search after selecting All, Agent, or Project from the drop-down box for the type.

You will be directed to a different page that displays information on the project, promoter, kind of promoter, total area, property type, and status, as seen in the image below. For further details, click ‘Read further’.

You will be directed to another page where it will initially state the date the page was most recently updated. If any authorization to be obtained is pending and from what date, it will also flash.

The Project description section will include specifics about the project.

Click “Click to View” to view the project’s financial statements, as well as its current and pending approvals, quarterly building information, and quarterly external development.

You can also click to view all project-related papers, such as construction licenses, lawsuits, land deeds and agreements, and more, as shown in the image below. The declaration and project photos are available as part of the RERA Goa information.

Also Read: RERA Full Form

RERA Goa rules

The RERA Goa is in charge of seeing to it that:

• Promoters are open about all facets of their real estate endeavors.
• Real projects are registered in Goa.
• In Goa, real estate agents are licensed to work there.
• The problems made by the customer are handled.

RERA Goa project registration details

Every state-wide real estate project must be registered with RERA Goa. This contains all ongoing projects that are either under construction or completed but have not yet been issued a completion certificate (CC) or an occupation certificate (OC).

Every time a promoter advertises, markets, books, sells, offers to sell, or invites people to buy plots, apartments, or buildings, they must register their project and show their RERA registered number and website. Goa RERA will notify you and impose a fine if you don’t.

Additionally, landowners and developers must file their cooperative development agreements with the SRO before requesting authorization from RERA Goa.

There are some exceptions to the need that all real estate developments, whether residential or commercial, be registered with the regulating agency, including:

1. Not more than 500 square meters of land are planned for development.
2. There are no more than eight units total (all phases included).
3. Realtor already holds the certificate of completion.
4. Depending on the situation, the project is being renovated, repaired, or redeveloped without marketing, promotion, selling, or new allotment of any apartment, plot, or building.

Any promoter who violates the law by failing to register will be subject to a fine that might amount to 10% of the project’s anticipated cost. In the event of a further infringement, he may be sentenced to up to three years in prison, a fine equal to an additional 10% of the anticipated cost of the real estate project, or a combination of the two.

Click on “Project Registration” on the homepage to register developers’ projects with RERA Goa.

A link to https://rera.goa.gov.in/reraApp/ProjectRegistrationOTP will be provided for developers.

To generate the OTP, enter your email address. The RERA Goa will send you an OTP to your registered email address. You will be sent to https://rera.goa.gov.in/reraApp/initProjectRegistration after entering the OTP.

Click “Next” to continue filling out the form and registering with RERA Goa. Remember that when enrolling, you must have your PAN number, Aadhaar card, and GST registration number.

RERA Goa agent registration

Agents must click the Agent Registration option on the homepage to register on the RERA Goa page. They must generate OTP and enter their email address. You will then be directed to https://rera.goa.gov.in/reraApp/initAgentRegistration, where you must choose the agent type from among individuals, societies, companies, partnerships, government entities, limited liability partnerships, trusts, and partnering firms, enter the OTP generated, and then press next to continue filling out the details.

Details like the agent’s name, the company’s name, the Aadhaar card number, the PAN card number, the address, etc., must be entered. Additionally, he may add his prior registration number. He must upload the following papers, as seen in the image below: a PAN card, address verification, a letterhead or rubber stamp from his company, and finally, he must indicate whether or not he is the subject of any pending criminal charges before clicking “Next.”

Following that, the agent must apply and pay the RERA Goa. The RERA Goa will notify you via your registered email ID of the registration’s approval or rejection status.

According to the Goa RERA Act, all agents are required to register. Without being registered under the Goa RERA Act, no agent may facilitate the sale, buy, or act on behalf of any individual in a real estate transaction. If an agent continues to conduct real estate business without being registered, he would be subject to fines of Rs 10,000 per day if the default persists, which could total up to 5% of the purchase price of the real estate property involved in the transaction.

Conclusion

In conclusion, RERA Goa has played a crucial role in bringing transparency, accountability, and consumer protection to the real estate sector in the state. The key provisions of RERA Goa, such as project registration, developer responsibilities, homebuyer rights, and the establishment of the regulatory authority, have enhanced confidence among homebuyers, reduced project delays, and promoted sustainable real estate development. Despite some challenges, RERA Goa has had a positive impact on the real estate landscape and holds promising prospects for the future.

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