Protecting Homebuyers in Goa: A Closer Look at RERA!
RERA (Real Estate Regulatory Authority) was introduced by the Indian government in 2016 to regulate the real estate sector and protect the interests of homebuyers. The RERA Act mandates the creation of state-level regulatory authorities to oversee the real estate industry.
In Goa, the Goa Real Estate Regulatory Authority (Goa RERA) was established in 2017 to regulate and promote the real estate sector in the state. The Goa RERA has the power to regulate and monitor real estate projects, and it is responsible for ensuring that all builders and developers comply with the rules and regulations of the RERA Act.
Here are some key features of RERA Goa:
- Mandatory registration of real estate projects: All real estate projects with an area of more than 500 sq.m. or with eight or more apartments must be registered with the Goa RERA before they are advertised or sold.
- Transparency and accountability: The Goa RERA ensures that all real estate projects are completed on time and that builders and developers are held accountable for any delays or deviations from the original plans.
- Protection for homebuyers: The Goa RERA provides protection to homebuyers by ensuring that developers maintain a certain standard of quality in construction and that they provide all necessary amenities and facilities as promised.
- Grievance redressal mechanism: The Goa RERA has a grievance redressal mechanism in place to address any complaints or grievances that homebuyers may have against builders or developers.
- Penalties for non-compliance: The Goa RERA has the power to impose penalties and fines on builders and developers who fail to comply with the rules and regulations of the RERA Act.
In conclusion, RERA Goa is an important regulatory authority that has been established to protect the interests of homebuyers and promote transparency and accountability in the real estate sector in Goa.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
