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The Real Estate Regulation and Development (RERA) in Goa has revised the norms governing the return of registration fees. The RERA in Goa was introduced in 2017, and it has been formulating laws that builders and agents need to adhere to. As per the existing guidelines, it’s imperative for agents operating in the real estate sector to shell out an amount up to INR 1 lakh. Besides, real estate developers may have to shell out up to INR 10 lakh to register new projects under the Act. Moreover, the authorities have a provision that allows real estate agents to cancel registrations. They need to do it within the first 30 days. However, they would have to pay around 10% of the registration fees. The balance amount would get refunded to them. However, if the authorities reject the registration, there is no scope for refund as per the present norms.
The chairman of RERA states that there were significant reports on instances of registration exemption. Besides, registration cases are being rejected without furnishing adequate information. Considering these glitches, the regulatory authorities have presently decided that if the registration is rejected, the authority is supposed to deduct INR 1000, or a specified percentage of the registration fee, whichever is more. The balance amount would be refunded to the concerned party.
Considering the current constraints that real estate developers and agents are undergoing in the industry, the Authority has carried out a detailed analysis. Accordingly, they have recommended necessary changes in the provisions of the act. This is a welcome move from the authorities, as it would boost the infrastructure of the current real estate industry in India. With more financial freedom to the developers and agents, they are likely to ease up the costs levied from buyers to a certain extent.
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