Nearly six months after the Goa Real Estate Regulatory Authority (RERA) was appointed and about 45 days after the Goa Real Estate (Regulation and Development) Act rules were notified in the state, the ministry of urban development launched the registration portal on Monday.
The central Real Estate (Regulation and Development) Act (RERA) came into effect on May 1, 2017, exactly a year after it was passed by Parliament. The Act made it mandatory for developers and agents to register their projects with RERA by July 31, 2017.
Sources in the state ministry of urban development said Goa had extended the time period for registration as rules for the state were not formulated on time. As of now, builders have time till February end to register their projects and brokers to register with the portal.
“Any unregistered project would be deemed unauthorized by the regulator, but as the state government has failed to notify the rules and the authority as on date, the ministry of urban development has given Goan builders additional time to register with RERA,” a ministry official said.
RERA is an important legislation aimed at monitoring builders and their construction projects. The primary purpose of the Act is to restore confidence of consumers in the real estate sector by establishing transparency and accountability.
The long-awaited rules under the Real Estate (Regulation and Development) Act 2016 came into force in the state on November 29.