Functions and Services

The key components of Real Estate (Regulation and Development) Act, 2016 are as follows:

Real Estate Regulatory Authority and Appellate Tribunal

Central Government is the appropriate Government under the Act for the State of Goa in terms of clause (g) of Section 2 of this Act. Exercising the power conferred by the third proviso to sub-section 91) of section 20 and first proviso to sub section 94) of the Act Central Govt. has designated Secretary Housing, Goa Administration as the Regulatory Authority and Value Added Tax Tribunal, State of Goa as the Appellate Tribunal respectively.

The key responsibilities of the Authority shall be as follows:

• Ensuring Disclosures of Real Estate Projects by Promoters
• Real Estate Projects Registration
• Real Estate Agents Registration
• Complaints Redressal

The Appellate Tribunal will hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. Any person aggrieved by any direction or decision or order made by the Authority or by an adjudicating officer may file an appeal before the Appellate Tribunal.

Real Estate Projects Registration

All commercial and residential real estate projects will have to register except in projects where

• area of land proposed to be developed does not exceed five hundred square meters
• number of apartments proposed to be developed does not exceed eight inclusive of all phases
• promoter has received completion certificate for a real estate project prior to commencement of this Act
• for the purpose of renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project

Promoter of ongoing real estate projects, in which all buildings as per sanctioned plan have not received Completion Certificate, shall also be required to be registered for such phase of the project which consists of buildings not having occupation or completion certificate.

If any promoter fails to register as per Act, he shall be liable to a penalty which may extend up to ten per cent of the estimated cost of the real estate project. On continued violation, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten per cent of the estimated cost of the real estate project, or with both.

Apart from Registration, the promoters shall be required to provide quarterly updates on the status of the project to the authority.

Real Estate Agents Registration

All Real Estate Agents should register under this Act. No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, without obtaining registration under this section.

If any real estate agent fails to register, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated

Transparency

Details of all the Registered Projects shall be available online for citizens including

1. sanctioned plans, layout plans, along with specifications, approved by the competent authority
2. Proposed Plan, Proposed Layout Plan of the whole project and Floor Space Index proposed to be consumed in the whole project, as proposed by the promoter
3. Proposed Number of building(s) or wing(s) to be constructed and sanctioned number of the building(s) or wing(s).
4. The stage wise time schedule of completion of the project, including the provisions for civic infrastructure like water, sanitation and electricity.

The real estate sector has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein are only curative, but not preventive. Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act have come into force with effect from May 1, 2017.

Complaints

Any aggrieved person may file a complaint with RERA Goa or the adjudicating officer, as the case may be, with respect to any registered real estate project, for any violation or contravention of the provisions of this Act or the rules and regulations made there under.

Any person aggrieved by any direction or decision or order made by RERA Goa or by an adjudicating officer may file an appeal before the Appellate Tribunal

Any person aggrieved by any decision or order of the Appellate Tribunal, may file an appeal to the High Court

Financial

• A promoter shall not accept more than ten per cent of the cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person and register the said agreement for sale
• Seventy per cent of the amounts realized for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose
• Withdrawal from such accounts shall be in proportion to the percentage of completion of the project, which shall be certified by an engineer, an architect and a chartered accountant in practice.