The Goa Real Estate Regulatory Authority (Goa RERA) has approved a total of 200 ongoing real estate projects across the State under the Real Estate (Regulation and Development) Act (RERA). Till date, 79 agents have been given RERA certificates.
After much delay, the Goa government had launched its RERA website for registration of ongoing projects and realty agents under the Act in January 2018. The State government had already appointed an interim regulator. State RERA rules were notified in November 2017.
Sudhir Mahajan, an Interim Regulator, Goa RERA, has informed that the authority had extended the registration deadline for ongoing real estate projects and agents without fear of a penalty till March 23, 2018. However, applications filed for registration till April 30, 2018 attracted a penalty of Rs 1,00,000. The penalty amount got doubled from May 1, 2018 onwards. All builders have to pay Rs 2 lakh as the penalty while registering their projects on the RERA portal until July 1, 2018.
The new real estate Act has been implemented to restore the confidence of homebuyers in the real estate sector by establishing transparency and accountability.