Goa RERA frames norms to return registration fees to builders

The Goa Real Estate Regulation and Development Act (RERA) has framed norms to return the registration fee paid by the real estate agent or builders. The real estate agents will have to pay up to Rs 1 lakh, and real estate developers will have to pay between Rs 50,000 to Rs 10 lakh for registration with RERA. But if the registration is rejected, the current norms would not return the funds. The promoter may demand the withdrawal of the registration application of the real estate projects within 30 days of submitting it to the authority. For such cases, the registration fee of 10% or Rs 50,000 is retained as processing charges, and the remaining amount is to be refunded in 30 days. Real estate brokerage companies will have to submit up to Rs 1 lakh to register, and the individual real estate agent will have to pay Rs 10,000 for registration. RERA may deduct 1% of the registration fee or Rs 1,000 and return the remaining amount for exempted real estate projects. The real estate builders who need to withdraw their registration application within 30 days will have to forfeit 10% or Rs 50,000, and the remaining amount will be returned. The real estate brokers who plan to retreat their registration in 30 days will be charged 10% of the registration fee and return the remaining amount. For rejected applications, 10% or Rs 50,000 will be deduced. Goa RERA said that all unclaimed fees would be considered as revenue, and the future claims will be decided on a case to case basis. Image Source Also read: TNRERA gets 483 real estate agent registrations