PANAJI: A number of stakeholders have raised concerns about draft Real Estate Regulation and Development Act (RERA) rules. These concerns, if not clarified, will come in the way of implementation of this new act, which is aimed at protecting the interest of real-estate buyers.
Ernesto Moniz, member, Institute of Institutional Engineers, said, "A provision of RERA rules say that an engineer will have to certify the actual cost of construction of a real-estate project. As an engineer, I wouldn't know the cost of the project. Rather, I would know the value of the project."
He continued, "We need to realise that cost changes and it's the builder who will know about cost of various inputs of a real estate project and not the engineer. So, I am concerned about the wording here that an engineer will have to certify the actual cost of construction."
Other stakeholders like real-estate agents too have raised concerns. Denzil Xavier, president, Goa Association of Realtors, said, "In case, an agent is promoting a Goa-based project in an exhibition out of state like in Mumbai or in Bangalore, then it needs to be clarified whether he will have to register under RERA Act in other states as well or registration in Goa is enough."
Ernesto Moniz, member, Institute of Institutional Engineers, said, "A provision of RERA rules say that an engineer will have to certify the actual cost of construction of a real-estate project. As an engineer, I wouldn't know the cost of the project. Rather, I would know the value of the project."
He continued, "We need to realise that cost changes and it's the builder who will know about cost of various inputs of a real estate project and not the engineer. So, I am concerned about the wording here that an engineer will have to certify the actual cost of construction."
Other stakeholders like real-estate agents too have raised concerns. Denzil Xavier, president, Goa Association of Realtors, said, "In case, an agent is promoting a Goa-based project in an exhibition out of state like in Mumbai or in Bangalore, then it needs to be clarified whether he will have to register under RERA Act in other states as well or registration in Goa is enough."
