PANAJI
The Goa Real Estate Regulatory Authority has mandated that all agreements between land owners and developers have to be mandatorily registered in consonance with the clauses of the RERA Act.
In a circular issued, the authority directed all developers to furnish registered joint development agreement or collaboration agreement or any other form of agreement, which comes within the purview of section 17 of the Indian Registration Act as the case may be, entered into between the promoters and land owners which is duly registered with the jurisdictional Sub-Registrar, in which, project is located for registration of the real estate project.
"In the event of non-submission of such a document, the Authority would cause hearing of the applicant for submission of the same within a given time frame or else the registration would be liable to be rejected," the order reads.
Section 4 of The Real Estate (Regulation and Development) Act, 2016 read with Rule 3(2) (d) of the Goa Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017, mandates collaboration agreement, development agreement, joint development agreement or any other form of agreement, as the case may be, entered into between the promoters and owner of the land. Further, such documents/ transactions are required to be registered under Section 17 of the Indian Registration Act, 1908.
The Authority noted that the promoters/ builders and landowners who intend to register real estate projects with the Goa RERA, often submit the notarised joint development agreement without registering the document in the jurisdictional Sub-Registrar or submit only memorandum of understanding stating joint development agreement will be entered in due course. Some promoters/ builders submit the joint development agreement notarised from non-jurisdictional areas.
