Goa is becoming one of the most preferred places to reside. The real estate sector of Goa has developed a lot in the recent years. The choice of living near the sea-shore and the cleanness drive in the state has attracted home buyers from all over the world.
Due to the increase in the number of home buyers in the state, the demand for residential projects increased drastically. This resulted in mismanagement, ambiguities and irregularities in the realty sector of the tiny emerald state of India.
Similarly, home buyers in all over India were suffering due to the failure of real estate developers in delivering the real estate units. Citing, the above problem the Central Government of India notified the Real Estate (Regulation and Development) Act (RERA) on 1st May 2016, after a long wait of almost 3 years.
The government further directed the state governments to notify their own version of the RERA by 1st May 2017. As of now 14 states and 7 Union territories have notified the RERA. The other states including Goa are in the process of doing so.
The Goa state government has already drafted the rules and will notify the same after making some amendments as per the Goa land rules.
Realtors and buyers in Goa are happy by this move of the government. The Goa RERA draft rules are in-line with the Central government’s RERA notification. It will regulate the real estate sector of the state and will protect buyers’ interest by infusing transparency in the sector, said a well-known real estate developer from Panaji.
The RERA Goa will surely change the way of doing business in the realty sector and will bring professionalism in the sector. It will also clean the realty sector as the Act will bar fly - by - night realtors from conducting the business. This Act is the need of time in Goa, said Rachel Carvalho, a real estate agent in South Goa.
According to the President of CREDAI Goa, Desh Prabhudessai, RERA is one of the best reforms by the government for the real estate sector. The government of Goa is working in full swing to frame the RERA rules for the state. The developers and agents will be able to register with the authority as soon as the Act gets notified. Also, the online mode of registration will make the work easier.
We are eagerly waiting for the RERA. We believe that the government will notify an unbiased version of rules that will contribute to the development of Goa, said an aspiring home buyer. RERA is a something really good for the country. We are ready to welcome it with open hands, he added.
Visit: Get more information about RERA at Apna RERA Academy