While the Real Estate (Regulation and Development) Act (RERA) came into effect across the country on May 1, some states, including Goa, are yet to notify the state rules. Officials state that the final rules for Goa RERA are ready and will be notified by July 31.
As per RERA, developers have to register with the authority by July 31. However, since Goa does not have any rules or authority in place, industry experts anticipate that developers in the state will get additional time to register all eligible projects under the Act.
Francis D’Souza, urban development minister, commented that builders will not need to register till July 31. However, all under-construction projects and projects which have not received occupancy certificates after from July 31 will have to register with Goa RERA. D’Souza added that Sudhir Mahajan has been appointed as regulator for the state.
It should be noted that according to officials, Goa RERA rules are similar to the Maharashtra RERA rules, which partially dilutes the penalties for non-compliance by builders.