The Real Estate (Regulation and Development) Act of 2016 (RERA) was enacted to bring transparency, accountability, and efficiency to India's real estate sector. In line with this, the Goa Real Estate Regulatory Authority (Goa RERA) was established to oversee and regulate real estate transactions within the state. Since its inception, Goa RERA has registered 174 real estate projects and 62 real estate agents by 2022, reflecting its commitment to fostering a transparent and trustworthy real estate environment.

For developers and real estate agents operating in Goa, understanding the registration process, associated fees, and required documentation is crucial to ensure compliance and avoid potential legal challenges. The registration process is streamlined through the official Goa RERA website, where applicants can submit necessary documents, such as PAN cards, legal title deeds, and audited financial statements.

This blog discusses the Goa RERA registration process, fees, required documents, and key compliance requirements to help you easily navigate the system.

Purpose and Objectives of Goa RERA

The primary objective of Goa RERA is to regulate the real estate sector and protect homebuyers from fraudulent practices. Here’s how it achieves this:

• Ensuring Transparency: Developers must register projects and disclose key details, such as project plans, approvals, and completion timelines.

• Protecting Homebuyers: Goa RERA mandates that developers deposit 70% of the project funds into a designated escrow account to prevent fund mismanagement.

• Speedy Dispute Resolution: The authority provides a structured platform for resolving disputes between buyers and developers efficiently.

• Accountability for Developers and Agents: Developers and real estate agents must obtain registration, ensuring professionalism in the industry.

To ensure fair practices in the real estate sector, Goa RERA enforces several regulations that enhance transparency and protect consumer interests. Let’s explore the key features that set it apart.

Key Features of Goa RERA

Goa RERA has implemented a range of measures to enhance transparency, protect homebuyers, and ensure smoother real estate transactions. These regulations hold developers accountable, mandate project registrations, and establish clear timelines for project completion:

• Mandatory Project Registration: Developers must register residential and commercial projects exceeding 500 sq. meters or involving more than eight apartments.

• Escrow Account Requirement: To prevent fund diversion, 70% of project funds must be deposited in an escrow account.

• Strict Compliance and Penalties: Developers failing to register projects or misleading buyers can face fines or even imprisonment.

• Buyers’ Right to Information: Homebuyers have the right to access project details, construction timelines, and legal approvals through the official RERA website.

• Dispute Resolution Mechanism: Goa RERA has an adjudicating officer and an appellate tribunal to resolve conflicts between buyers and developers efficiently.

Now that you understand the purpose and impact of Goa RERA, let’s break down the registration process step by step to help developers and real estate agents comply with the law.

Process of Registration under Goa RERA

Goa RERA registration is mandatory for real estate projects and agents to ensure transparency and compliance with regulatory guidelines. Here’s a step-by-step breakdown of the registration process, from determining eligibility to obtaining the final registration certificate.

1. Eligibility Criteria for Registration

Not all projects and agents require Goa RERA registration. The following entities must register:

• Real estate projects that exceed 500 sq. meters in land area or have more than eight apartments (including all phases of development).

• Real estate agents are involved in facilitating property transactions between buyers and developers of the said projects.

• Ongoing projects without a completion certificate must also be registered before RERA comes into effect.

Note: The following projects are exempt from RERA registration:

• Projects with a completion certificate before RERA implementation.

• Renovation or redevelopment projects that do not involve selling new units.

2. Step-by-Step Guide for Builders and Developers

Developers must follow a structured process to register their projects under Goa RERA:

• Create an account on the Goa RERA portal (https://rera.goa.gov.in/) as a promoter or agent.

• Gather the required documents, including land title proof, sanctioned plans, financial statements, and project details.

• Fill out the online application form with details such as project location, timeline, financial planning, and amenities.

• Upload supporting documents like title deeds, agreements, and legal approvals.

• Pay the registration fee based on the project size and category.

• Submit the application for verification by the RERA authority.

3. Application Submission and Evaluation

Once submitted, the application goes through a verification process:

• The RERA authority reviews project details, financial disclosures, and legal approvals.

• Developers may be asked to provide additional documents or clarifications if discrepancies are found.

• The approval process typically takes 30 to 60 days, depending on the project's complexity.

4. Obtaining the Registration Certificate

If the application meets all compliance requirements:

• Goa RERA issues a unique registration number for the project.

• The project details are made public on the Goa RERA website for transparency.

• Developers must regularly update project progress on the portal to maintain compliance.

Need help with your Goa RERA registration? BCD India offers end-to-end support, ensuring a smooth and compliant process.

Once you know the registration steps, the next crucial aspect is understanding the costs involved. Goa RERA follows a structured fee system based on project size and type, ensuring fair and transparent pricing.

Fee Structure for Goa RERA

Registering under Goa RERA requires developers and agents to pay various fees based on project size and type. These fees cover registration, renewal, and penalties for non-compliance. Below is a detailed breakdown of the fee structure, payment methods, and consequences of late or non-payment.

1. Fee Applicable For Real Estate Projects

Real estate projects are divided into three categories:

A. Residential Projects:

• ₹10 per sq. meter for projects up to 1,000 sq. meters

• ₹20 per sq. meter for projects above 1,000 sq. meters

• Maximum fee cap: ₹10 lakh

B. Commercial Projects:

• ₹20 per sq. meter for projects up to 1,000 sq. meters

• ₹30 per sq. meter for projects above 1,000 sq. meters

• Maximum fee cap: ₹20 lakh

C. Mixed-Use Developments (Residential + Commercial):

• Fees are calculated based on respective residential and commercial portions.

2. Fee Applicable For Real Estate Agents

There are two types of real estate agent fees:

• Individual agents: ₹10,000

• Firms or companies: ₹1,00,000

3. Additional Charges

• Renewal fees: Equal to the initial registration fee.

• Modification fees: An additional fee may apply if a developer needs to update project details.

4. Payment Methods for Fees

To simplify transactions, Goa RERA allows multiple payment methods:

• Online payment through the Goa RERA portal (https://rera.goa.gov.in/) using net banking, credit/debit cards, or UPI.

• Demand draft (DD) or banker’s cheque, payable to the Goa RERA authority.

• NEFT/RTGS transfers, with transaction details submitted as proof of payment.

5. Penalties for Late or Non-Payment of Fees

Failure to pay the required fees on time can lead to financial penalties and legal consequences:

• Delayed registration fees: A daily penalty may be imposed for late registration.

• Non-registration fines: Developers may face penalties of up to 10% of the project cost, while agents can be fined ₹50,000 or more, depending on non-compliance severity.

• Revocation of registration: RERA can cancel the project or agent registration if fees remain unpaid for an extended period.

• Legal action: Goa RERA has the authority to take legal action against defaulters, which may result in court-imposed fines or restrictions on future projects.

Paying fees on time ensures smooth registration and avoids unnecessary penalties that could impact project viability.

A smooth registration process depends on submitting the right documents. Here’s a detailed list of everything you’ll need, whether you’re a developer or a real estate agent.

Required Registration Documents

To ensure transparency and compliance, Goa RERA mandates a set of documents for builders, developers, and real estate agents during registration. Proper documentation not only streamlines the approval process but also prevents legal complications. Below is a breakdown of the essential documents required for different applicants.

1. Essential Documentation for Builders and Developers

Builders and developers must provide the following documents while registering a project under Goa RERA:

• Identity and Business Details:

  • PAN card and Aadhaar card of the promoter

  • Company registration certificate (for firms)

  • Memorandum of Association (MoA) and Articles of Association (AoA) (for companies)

  • Partnership deed (for partnership firms)

• Project-Specific Documents:

  • Approved building plan and layout approval from the local authority

  • Title deed or legal ownership proof of the land

  • Encumbrance certificate showing no legal disputes on the property

  • Land use permission and conversion certificate (if applicable)

  • Project commencement certificate from the local body

• Financial Details:

  • Audited balance sheet and profit & loss statement of the last three years

  • Income tax returns of the promoter/company

  • Declaration of 70% fund allocation in a separate escrow account as per RERA rules

• Agreement and Sale Documents:
  

  • Draft allotment letter, sale agreement, and sale deed format

  • Carpet area details and pricing breakdown of the project

2. Documentation for Real Estate Agents

Real estate agents looking to register under Goa RERA must submit:

• PAN card and Aadhaar card (for individuals)

• GST registration certificate (if applicable)

• Passport-size photograph

• Address proof (electricity bill, Aadhaar-linked address, or rental agreement)

• Business entity documents (if applicable)

• Income tax returns for the last three years (if applicable)

3. Additional Documentation for Project Approval

Beyond the core registration documents, developers must also submit:

• Environmental clearance certificate (if applicable)

• NOCs from the fire department, electricity board, and water supply department

• Structural stability certificate from a licensed engineer

• RERA declaration form (self-certified affidavit) confirming project compliance

4. Document Verification Process

Once submitted, Goa RERA follows a systematic verification process:

1. Initial Scrutiny: Officials check the completeness and authenticity of the documents.

2. Clarification Requests: If any discrepancies arise, developers or agents must submit clarifications or additional documents.

3. Site Inspection (if needed): The RERA authority may conduct site visits to verify claims made in the documents.

4. Final Approval: The Goa RERA registration certificate is issued upon successful verification.

Ensuring accurate and complete documentation speeds up the approval process and avoids delays or penalties.

Registering with Goa RERA is just the first step. To maintain compliance and avoid penalties, developers and agents must meet ongoing obligations, including regular reporting and legal adherence.

Post-Registration Obligations and Compliance

Registering a project under Goa RERA is just the beginning. Builders, developers, and real estate agents must adhere to ongoing compliance requirements to ensure transparency, accountability, and consumer protection. Failing to meet these obligations can lead to penalties or even cancellation of registration.

1. Regular Reporting and Updates to Goa RERA

Once a project is registered, developers must submit periodic updates on its progress. These updates help buyers track project timelines and ensure developers stay committed to their promises.

• Quarterly Progress Reports: Developers must update the Goa RERA portal every three months with details about project development, financial transactions, and any changes in approvals.

• Fund Utilization Statement: Since 70% of the project funds must be deposited in an escrow account, developers must submit periodic reports on fund withdrawals and usage.

• Updated Approvals and Permissions: Any new approvals, NOCs, or modifications in the project plan must be promptly reported to Goa RERA.

• Sales and Booking Details: Developers must disclose the number of units sold and unsold, providing buyers with a transparent view of project demand and availability.

2. Compliance with RERA Regulations

After registration, developers and agents must strictly adhere to RERA guidelines to protect the interests of homebuyers. Key compliance measures include:

• Timely Project Completion: The project must be completed within the timeline specified during registration. Any delay must be reported, and extensions should be sought only under valid circumstances.

• No False Advertising: All promotional materials, including brochures and advertisements, must match the project specifications submitted to RERA. Any deviation can lead to legal action.

• Fair Pricing Practices: Developers cannot demand excessive advance payments—only 10% of the property value can be collected as a booking amount before signing a sale agreement.

• Handling Customer Complaints: Developers and agents must promptly address buyer grievances and disputes, according to RERA’s consumer protection framework.

• Adherence to Approved Plans: No unauthorized changes can be made to the project layout or design without prior approval from Goa RERA and consent from buyers.

3. Maintenance of Records and Documentation

Proper record-keeping is essential for both legal compliance and smooth project execution. Developers and agents must maintain:

• Financial Records:

  • Detailed accounts of project funds, expenses, and investor contributions.

  • A certified accountant audits Annual financial statements.

• Legal and Regulatory Documents:

  • Copies of project approvals, environmental clearances, and NOCs.

  • Updated agreements, sale deeds, and buyer correspondence records.

• Construction and Progress Reports:

  • Regular updates on construction milestones and material usage.

  • Inspection and quality assurance reports.

Maintaining these records ensures smooth project execution, prevents legal issues, and builds trust with buyers.

Conclusion

The Goa RERA registration process may seem complex, but ensuring compliance is key to avoiding legal troubles and building trust in the real estate market. By following the correct procedures, submitting the necessary documents, and maintaining post-registration compliance, developers and agents can operate smoothly while offering transparency and security to homebuyers.

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