The department of urban development has notified rules to extend the completion timelines for real estate projects, which are registered with the Goa Real Estate Regulatory Authority (RERA). As per the rules, the builder will be given an additional period of one year to complete the project with any further extension being given on a case to case basis.
The builder or real estate firm will have to apply to Goa RERA Authority at least three months before the validity of the registration period expires and only in exceptional and unforeseen circumstances the three-month period may be waived, Goa RERA chairperson S Kumaraswamy said.
The rules — Extension of Registration of Real Estate Project by the Goa Real Estate Regulatory Authority Regulation, 2021 — provide guidelines to extend the validity period already approved for completion of the real estate project.
Goa RERA will charge Rs 10 per sqm of the land proposed to be developed with a minimum of Rs 50,000 and a maximum of Rs 10 lakh for extending the project completion deadline.
Kumaraswamy said that the builder will have to provide a proposed plan of the project showing the most recent stage of development along with an explanation for the delay in completion of the project.
“An explanatory note regarding the state of development works in the project and reason for not completing the development works in the project within the period declared at the time of making registration of the project has to be submitted,” he said.
Real estate firms will have to obtain all other approvals and extensions before they approach Goa RERA for extension.
“Extension may be considered which shall in aggregate not exceed a period of one year. Extension beyond one year will be decided on case by case basis,” Kumaraswamy said.
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