Builders and land owners need to register joint development agreements with the sub-registrars office before approaching the Goa Real Estate Regulatory Authority (RERA) for permissions, the RERA chairperson said.
RERA said that it would crack the whip on builders and real estate developers who submit only a memorandum of understanding claiming that a joint development agreement will be filed later.
“It has been observed by the authority that the promoters, builders and land owners 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,” said officer on special duty with Goa RERA Sandra D’Souza.
Builders sometimes tie up with the land owner while developing a housing or commercial project, offering the land owner a certain number of flats or shops instead of paying to purchase the land.
RERA also noticed that some builders submit joint development agreements which have been notarised outside Goa or registered with sub-registrars in another district.
The Real Estate (Regulation and Development) Act, 2016 requires all documents pertaining to joint real estate development where a builder and the land owner collaborate to be registered as per the Indian Registration Act, 1908.
“In the event of non-submission of such document, the authority would cause hearing of the applicant for submission of the same within given time frame or else the registration would be liable to be rejected,” said D’Souza.
Builders sometimes tie up with the land owner while developing a project, offering the land owner a certain number of flats or shops instead of paying to purchase the land
