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Goa raises first Rs 100 cr from market this fiscal Another bonanza on cards: Govt to enhance DSSS, Griha Aadhar by Rs 500 Gadkari’s twin thrust: Iconic Zuari towers, green highways Goa raises first Rs 100 cr from market this fiscal Another bonanza on cards: Govt to enhance DSSS, Griha Aadhar by Rs 500 Gadkari’s twin thrust: Iconic Zuari towers, green highways

Here’s real estate act; Goa to frame rules in 3 months

Even as the Centre on Monday implemented the Real Estate Regulation and Development Act (RERA), aiming to protect home buyers and encourage genuine private players, Goa govt said that it would notify the rules in three months. Town and Country Planning Minister Vijai Sardessai attributed the delay to the code of conduct which was in force from January 4 to March 11 this year following Assembly elections.

The Goan Network
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PANAJI

Only 13 states and Union Territories (UTs) have so far notified rules drafted by the Centre.
RERA is aimed at putting an end to a number of malpractices, which were being practiced in the real-estate sector. For example, section 4 of RERA says that builders have to deposit 70% of the amount realised from the sale of real-estate to allottees in a separate bank account from which builders will be allowed to withdraw money only for land cost and cost of construction.
In simple words, this means that builders will not be able to use the money collected

 RERA is expected to bring transparency in the sector bridging the trust deficit between buyers and developers
 Developers would now need to keep 70% of collection in escrow account for better execution and timely completion 
 Developers will be penalised by respective state regulators if deadline is breached and RERA regulation flouted
 Maharashtra has already detailed final regulations and established an authority, with more states to follow soon
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Is ` 0.76 per unit hike in power bills justified?

The Electricity Department, Goa (EDG) earlier last week proposed a ` 0.76 per unit increase in consumer bills on the grounds that the money was required to pay the Maharashtra State Electricity Distribution Corporation Ltd (MSEDCL).rnIs this hike justified? Secondly, why is the department promising not to hike tariffs, but bringing in an increase through the back door?

The Goan Network
Published May 2, 2017, 6:50 PM IST
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the goan I networkPANAJIThis is how it works.For the year 2017-18, the department is expected to have net costs of ` 1,845 crore in power purchasing, employee salaries and maintenance costs. The collection revenue at existing tariffs total ` 1,720 crore, thus leaving a ` 125 crore revenue gap.Revenue gaps happen every year and are usually filled through main Budget allocations. Sometimes, the gap is carried forward to the next year.The gap, or deficit for 2017-18 went…

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