Panaji: Goa Real Estate Regulatory Authority (Rera) on Friday gave a three-month extension for real estate companies to submit their audit reports.
Builders and real estate companies have until December 31 for account audits and submission of annual statements for the last financial year.
Commerce players and cave industries and credai – Goa has requested Goa Rera to extend the timeline for the completion of the audit and submission of annual account reports for 2020-21 because of the “difficulty faced by the real estate sector” during the Covid pandemic.
.
“Goa Rera discusses the material in detail and after considering the current and previous pandemic situation, the authority decided to extend the time to complete the account audit and submit an annual statement of the account in Form-6 to 31 December,” City Planner Deputy with Goa Rera Yugandaraj Redkar.
In accordance with real estate action (regulation and development), every real estate developer and builder need to submit audited accounts within six months after the end of each financial year for each registered project.
The builder said that pandemics had affected the sector and the company faced financial challenges financially and the loss of staff.
“Because limited resources are available with small and medium entities and current difficulties, there are practical challenges for businesses to complete the compliance of accounting and audits needed in the existing schedule,” GCCI said.