PANAJI
In what could mean major relief to various stakeholders in the real-estate industry, the state government has decided to extend the time limit to give suggestions to draft Real Estate Regulation and Development Act (RERA) rules till September 11.
The government had notified draft RERA rules on August 24 and had invited suggestions from the public on or before the expiry of ten days. But Ganesh Chaturthi festivities began on August 25 and continued till this week. Due to this, stakeholders had asked for extension of time limit to give their suggestions.
A press note from the Department of Urban Development (Municipal Administration) said, "In view of the representations received from some stakeholders requesting to extend the time limit, the government has decided to extend the same upto September 11, 2017, for submission of suggestions."
Dr Jagannath (Desh) Prabhudessai, president of the Goa unit of CREDAI (Confederation of Real Estate Developers' Association of India), said, "We welcome this move of the government, wherein people have been given more time to give suggestions to the draft RERA rules. This will give stakeholders more time to reflect on the rules and give suggestions to the same."
RERA rules are aimed to regulate the real-estate industry in Goa. Under these rules, a number of protections are provided to safeguard buyers' interest.
There are some provisions to protect the interest of developers as well.
Overall, the real-estate industry is set for an overhaul in the state once these rules are implemented.
It is in this context that draft RERA rules and suggestions to the same assume huge significance.
In what could mean major relief to various stakeholders in the real-estate industry, the state government has decided to extend the time limit to give suggestions to draft Real Estate Regulation and Development Act (RERA) rules till September 11.
The government had notified draft RERA rules on August 24 and had invited suggestions from the public on or before the expiry of ten days. But Ganesh Chaturthi festivities began on August 25 and continued till this week. Due to this, stakeholders had asked for extension of time limit to give their suggestions.
A press note from the Department of Urban Development (Municipal Administration) said, "In view of the representations received from some stakeholders requesting to extend the time limit, the government has decided to extend the same upto September 11, 2017, for submission of suggestions."
Dr Jagannath (Desh) Prabhudessai, president of the Goa unit of CREDAI (Confederation of Real Estate Developers' Association of India), said, "We welcome this move of the government, wherein people have been given more time to give suggestions to the draft RERA rules. This will give stakeholders more time to reflect on the rules and give suggestions to the same."
RERA rules are aimed to regulate the real-estate industry in Goa. Under these rules, a number of protections are provided to safeguard buyers' interest.
There are some provisions to protect the interest of developers as well.
Overall, the real-estate industry is set for an overhaul in the state once these rules are implemented.
It is in this context that draft RERA rules and suggestions to the same assume huge significance.
