Goa RERA drafts rules to extend realty project deadlines by a year
Real Estate

Goa RERA drafts rules to extend realty project deadlines by a year

The department of urban development has drafted rules to prolong the completion timelines for real estate projects, registered with the Goa Real Estate Regulatory Authority (RERA).

According to the rules, the builder would be given an additional term of one year to achieve the project, with any further extension being given on a case to case basis.

S Kumaraswamy, Goa RERA, Chairperson, told the media that the real estate company or builder would have to apply to Goa RERA Authority at least three months prior to the validity of the registration term expires and only in rare and unforeseen situations the three months may be waived.

The rules, Extension of Registration of Real Estate Project by the Goa Real Estate Regulatory Authority Regulation, 2021, give guidelines to prolong the validity period already allowed for the completion of the real estate project.

Goa RERA will charge Rs 10 per sq m of the land planned to be developed with a minimum of Rs 50,000 and a maximum of Rs 10 lakh for extending the project completion deadline.

Kumaraswamy told the media that the builder would have to present a proposed plan of the project showing the most recent stage of development, along with an explanation for the delay in the completion of the project.

He said that an explanatory note concerning the state of development works in the project and the reason for not completing the development works in the project within the period stated at the time of making registration of the project has to be presented.

Real estate companies will have to get all other permissions and extensions before they approach Goa RERA for an extension.

The extension may be viewed, which shall in aggregate not exceed one year. Extension of more than a year will be determined on a case by case basis.

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Also read: MahaRERA invokes clause to extend registration validity of projects

Also read: Govt extends deadline for Rs 3.03 lakh cr schemes by December 31

The department of urban development has drafted rules to prolong the completion timelines for real estate projects, registered with the Goa Real Estate Regulatory Authority (RERA). According to the rules, the builder would be given an additional term of one year to achieve the project, with any further extension being given on a case to case basis. S Kumaraswamy, Goa RERA, Chairperson, told the media that the real estate company or builder would have to apply to Goa RERA Authority at least three months prior to the validity of the registration term expires and only in rare and unforeseen situations the three months may be waived. The rules, Extension of Registration of Real Estate Project by the Goa Real Estate Regulatory Authority Regulation, 2021, give guidelines to prolong the validity period already allowed for the completion of the real estate project. Goa RERA will charge Rs 10 per sq m of the land planned to be developed with a minimum of Rs 50,000 and a maximum of Rs 10 lakh for extending the project completion deadline. Kumaraswamy told the media that the builder would have to present a proposed plan of the project showing the most recent stage of development, along with an explanation for the delay in the completion of the project. He said that an explanatory note concerning the state of development works in the project and the reason for not completing the development works in the project within the period stated at the time of making registration of the project has to be presented. Real estate companies will have to get all other permissions and extensions before they approach Goa RERA for an extension. The extension may be viewed, which shall in aggregate not exceed one year. Extension of more than a year will be determined on a case by case basis. Image Source Also read: MahaRERA invokes clause to extend registration validity of projects Also read: Govt extends deadline for Rs 3.03 lakh cr schemes by December 31

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