The implementation of RERA (Real Estate Regulatory Authority) in Goa has revolutionized the market by providing a protective umbrella for buyers. Whether you're buying an off-plan villa in Siolim or a ready-move-in apartment in Panjim, understanding your RERA rights is non-negotiable.
1. Key RERA Rules in Goa
Mandatory Registration
Every real estate project in Goa with more than 8 units or 500 sqm of land must be registered with RERA Goa. Any advertisement, marketing material, or sales offer without a visible RERA number is illegal. NEVER buy into a project that doesn't have a RERA number.
70% Escrow Rule
Developers are legally mandated to deposit 70% of the funds collected from buyers into a separate escrow account. These funds can only be used for the construction and land-related costs of that specific project. This prevents developers from diverting your money to other projects.
Adherence to Approved Plans
A developer cannot change the sanctioned plans, layout, or specifications of a project without the written consent of at least two-thirds (2/3rds) of the buyers. This eliminates the "Late-change Surprise" that used to haunt buyers in the pre-RERA era.
Delay Penalties
If the developer fails to deliver the project on the date specified in the RERA registration, they are liable to pay interest to the buyers for every month of delay at a rate prescribed by RERA Goa (typically SBI PLR + 2%). Buyers also have the option to withdraw from the project and get a full refund with interest.
2. How to Verify a Project in Goa
Don't just believe the brochure. Go to the official RERA Goa Portal (rera.goa.gov.in) and enter the registration number. You can see the quarterly progress reports, the projected completion date, and even whether the developer has already sold the unit you're looking at.
3. The 5-Year Defect Liability
Under RERA, the developer is responsible for fixing any structural defects or quality issues for 5 years after handing over possession. This provides immense long-term peace of mind for buyers of high-end Goan villas where rain-proofing and build quality are critical.
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Unsure about the RERA compliance of a project? Our legal team cross-verifies official RERA filings against the physical project progress.
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