Team Herald
PANJIM: With the Real Estate (Regulation and Development) Act having rolled out from Monday, May 1 onwards, Goa’s real estate sector will soon come under the regulation, with State government announcing it will notify the rules under the Central Act within three months.
The Department of Town and Country Planning (TCP) has already drafted RERA rules under the Central Act, which ensures to protect the interest of the buyers.
Speaking to Herald, TCP Minister Vijai Sardesai said that as per information with him, the department has already drafted RERA rules and they are being considered by the government. “We will notify the rules within three months,” the Minister said, claiming that the rules could not be notified by the previous government due to the election code of conduct which was in force for nearly two months from January 4.
Although the RERA legislation of 2016 becomes effective across India, very few states have notified regulations under it. According to Section 85 of the Act, rules are required to be notified by the regulatory authority within three months of its formation.
“A regulatory body would be put in place to regulate real estate. The sole purpose of RERA is to protect the interest of the buyers,” Sardesai said, adding, “The current drafted rules should be as per the State requirement.”
“Once notified and implemented, RERA could offer relief to existing buyers of real estate properties, both residential and commercial, who have still not got possession of their properties. As per the rules, there is a certain time period by which the builder has to give the possession of the residential or commercial property to the buyer,” Sardesai said.
