Are you dreaming of owning a house in Goa? You’re not alone! Goa’s charm attracts people from all over the world who desire to settle in this beautiful state. However, the journey of buying a house here was not as simple as a walk on the beach. Before the RERA Goa act was implemented, homebuyers had to negotiate with local developers and builders, who often had their own rules and standards, leaving them feeling lost in a maze without a map.
To navigate this complex landscape, RERA Goa, or the Real Estate Regulatory Authority in Goa, was created by the government to safeguard homebuyers from shady deals and unfair tactics. RERA Goa sets some ground rules for developers and builders to follow. No more making up unjust rules and framing builder-buyer agreements that only benefit the builder. When you buy a house, you invest your life savings which adds emotional weight to the decision.
The RERA rules were notified on November 24, 2017, and the government of Goa launched the RERA Goa website on January 15, 2018.
RERA requires each state to establish a Real Estate Authority and an Appellate Tribunal. If the builder or developer violates the law, the property buyer may file a complaint with this body. RERA Goa also sets standards for construction and development. This means better-quality homes and more transparency in the whole buying process. No more surprises or hidden fees!
In this blog post, we will explore some major RERA Goa benefits that will help you make smart decisions and protect your rights as a homebuyer.
1. Resolving Your Concerns
Imagine you want to buy a flat, but something is not quite right with it. Maybe the construction is not up to par, or there is a problem with the flat itself. Well, under RERA Goa, you will have the right to file a complaint with the Appellate Tribunal. The Tribunal will swing into action, and a hearing case will proceed within 60 days of receiving the grievance case file.
If the Tribunal is unable to resolve the issue right away, they will give you an explanation. That way, you won’t have to wait in the dark, wondering what is going on.
2. Transparency in Project Information
One of the major benefits of RERA Goa for home buyers is the right to property information. Don’t you want to know every little detail about the property you’re considering?
When you invest in a home, it means you are investing in your future. And to make informed decision, you need more clarity than just the attractive digitally enhanced images shown on the brochure.
RERA Goa compels the developer or builder to share all information about the project, from the layout plan to the construction phase. With this level of detail, you can confidently and precisely understand what you are getting into.
3. Responsibility for Defaults
According to RERA Goa, if a buyer discovers a defect or fault in the construction, quality, or provision of the flat within 5 years of taking possession, the builder must fix it within 30 days at no extra cost. Whether it is the paint peeling off or the plumbing acting up, you are entitled to compensation if the builder fails to correct the problem. That is like a warranty on your flat!
4. Controlled Payments
RERA Goa also puts a cap on upfront charges. A builder cannot ask for more than 10% of the flat’s cost as an advance or application fee before you seal the deal and enter into a sales agreement. This protects your finances before you are even sure about the purchase, giving you room to make the right choice.
5. Ensuring Clearances
In the past, developers could sell projects without the necessary permissions, causing headaches for homebuyers. But with RERA Goa, that’s no longer the case. Now, all developers, builders, and real estate agents must register with the regulator and provide detailed project information before selling.
This ensures that projects only enter the market once they have the necessary clearances. For your peace of mind, always check if the builder is registered with RERA Goa as your initial research step.
The implementation of RERA Goa has boosted confidence and authenticity in the real estate industry. This has led to a rise in investment and growth within the sector. The reduced prices and interest rates on house loans have made homeownership more achievable.
Nevertheless, it is not only the homebuyer who gains from this Actbenefit from the professionalism and security that RERA Goa gives them. Ultimately, RERA is changing the real estate business, making it safer and more reliable for investors and buyers.
Satt Adhar Builder’s Skyline Harmony is a RERA-registered upcoming project in Panjim, ensuring trust and security for all buyers and investors. Find all project details on the RERA Goa website using registration number PRGO09221778.
