According to Section 59(1) of Real Estate (Regulation and Development) Act, 2016, if any promoter contravenes Section 3 of the above mentioned act, then he shall be liable to a penalty which may extend ten per cent of the estimated cost of the real estate project as determined by the Authority.
Section 3 states that, without registering the real estate project with the Real Estate Regulatory Authority, no promoter shall establish or invite any persons to purchase at any Real Estate project or part of it, in any planning area.
Though, considering the lacking energy of alertness of the Real Estate players of Goa, the Goa Real Estate Regulatory Authority – GOA RERA, have relaxed the deadline of the ongoing projects to register online by one more month with various warnings to the Real Estate developers and realtors, according to their official website.
As by the Circular
The Secretary for urban development and interim RERA authority for Goa Shri. Sudhir Mahajan in his circular, mentioned that applications for registration can be uploaded till March 31, 2018 with penalty of Rs 50,000. But till 23rd of March, 2018, ongoing projects can get registered under the Goa Real Estate Regulatory Authority (RERA) without any penalty to endure that the developer and the realtor would not suffer.
Lack of punctuality and these kind of irregularities by the developers and realtors might be the sources for the origin of RERA. The main objective of RERA is to develop the discipline and transparency among the Real Estate Developers for the welfare of the growth of the industry. The major theme under this topic is to show the amount of flexibility of the authority towards the Real Estate developers and the realtors to mould them day by day for creating a satisfied improvement and the wealthier development of the field.
Disclaimer – the above summary is based on the personal interpretation of the revised regulations, which may differ person to person. Hence, the readers are expected to take expert opinion before placing reliance on this article.
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