ClassicSquaresRealty

We all dream of buying a decent home for ourselves, a lot of investment is made towards fulfilling this dream. It was the case earlier that the builders lobby were not transparent with their clients when it came to the selling procedure of their projects. Clients were often duped by builders and they had very limited rights when it came to the whole real estate investment process. Each builder followed their own process to secure clients, there was no uniformity whatsoever.

As a measure to safeguard the rights of home purchasers the RERA or Real Estate (Regulation and Development) Act, 2016 was formed.  This act protects them from unfair practices of the builders. Real estate developers in Goa have opted to make themselves come under the purview of this legislation in order to secure the trust of the clients. To put it in a straightforward manner, builders and developers cannot sell any new project without first registering their project with the RERA. In Goa we have a Real Estate Regulatory Authority to regulate real estate development if buyers face any hassles against the builder in their dealings they can approach this body with their complaints. 

RERA has made it mandatory for all builders to get all approvals from different agencies of the government before they can commence with any project. Real estate companies will be given a registration number by the regulator which is needed to be mentioned in every property sale. The RERA authority has all the power to ensure that proper procedure is followed, if not it can impose penalties and imprisonment. Read here RERA Benefits to Home Buyers