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RERA Goa grants one-year extension to housing projects

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In a move aimed at helping the housing sector, amid the Coronavirus pandemic, the Goa RERA has granted a one-year extension on project timelines

The Department of Urban Affairs Goa has notified rules to the Goa Real Estate Regulatory Authority (RERA Goa) in order to grant an extension of one year, in the timelines for completion of real estate projects. The move is aimed at helping the real estate sector, which is currently reeling under the impact of the Coronavirus pandemic.

According to the newly notified rules, the Extension of Registration of Real Estate Project by the Goa Real Estate Regulatory Authority Regulation, 2021, all projects registered with the RERA Goa are eligible to get an extension of a year, to complete the projects. While these extensions cannot extend over a year, further extensions could also be granted by the Goa RERA on a case-to-case basis. To get this benefit, builders are required to apply to the RERA Goa, three months before the project registration’s validity expires.

For the extension of the project timelines, the RERA Goa will levy a fee of Rs 10 per sq meter of the proposed developable area. In aggregate, the minimum levy will be Rs 50,000 while the upper limit is fixed at Rs 10 lakhs.

To avail of this timeline extension provision, developers have to cite reasons for the delay in project completion beyond the stipulated time that was declared when the project was registered with the RERA Goa. They also have to comply with all other rules and regulations, before approaching the RERA Goa for the extension of the projects’ timelines.

Source-https://housing.com/news/rera-goa/

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