Team Herald
PANJIM: Builders who have not yet online under the Goa Real Estate Regulatory Authority (RERA) will now have to pay Rs 1 lakh as penalty to get their on-going projects registered. The penalty will be doubled from May 1 onwards.
The last date for filing online applications for the ongoing real estate projects registrations under RERA was till March 23 without penalty, while applications were accepted till March 31 with a penalty of Rs 50,000. The Department of Urban Development has further hiked the penalty from April 1.
“Department of Urban Development under Goa Real Estate Regulatory Authority has informed all concerned that application for registration of on-going Real Estate Project will be levied penalty of Rs 1,00,000 from April 1 to April 30,” a statement issued by the department says. “A penalty of Rs 2,00,000 will be levied for registration of on-going real estate project from May 1 to July 1,” it added.
The RERA Act, 2016 intends to safeguard homebuyers and stimulate investments in the realty sector. The Act came into force on May 1, 2016. In Goa, the RERA rules were notified in August followed by setting up of Regulatory Authority. The online registration of the projects, real estate developers, agents, etc had resumed from January, 2018 onwards with launch of RERA website.
