PANAJI: The Urban Development Department has notified the rules to extend the settlement schedule for real estate projects, which are registered with the Goa Real Estate Regulatory Authority (Rera).
According to the rules, the Builder will be given a one-year additional period to complete the project with further extensions given in case cases for cases.
Builders or real estate companies must apply to the efferious Goa Authority at least three months before the validity of the registration period ends and only in extraordinary circumstances and unexpected period of three months can be abolished, said Chairman S Kumaraswamy S said Kumaraswamy said.
REGULATION – Extension of registration of real estate projects by regulations of Goa Real Estate Regulatory Authority, 2021 – Providing guidelines to extend the approved validity period for resolving real estate projects.
Goa Rera will charge a fee of Hospital 10 per square meter proposed to be developed with a minimum RS 50,000 and the maximum RS 10 lakh to expand the project resolution time limit.
Kumaraswamy said that the builder must provide the proposed project plan to show the latest stage of developments along with an explanation of the delay in the project settlement.
“Explanation records of the state of work development in the project and reasons not to complete development work in the project in the period stated when making project registration must be submitted,” he said.
Real estate companies must get all the agreements and other extensions before they approach the Rera Goa for the extension.
“Extensions can be considered that will aggregate not exceed the one-year period.
Extension outside one year will be decided based on cases per case,” Kumaraswamy said.