The Goa Real Estate Regulatory Authority (RERA) on Friday granted a three-month extension for real estate firms to submit their audit reports. Builders and real estate firms have till December 31 for audit of accounts and submission of annual statement of accounts for the last financial year.
The Goa Chamber of Commerce and Industry and CREDAI – Goa had requested Goa RERA to extend the timelines for the completion of audit and submission of annual account statements for 2020-21 due to the “hardship faced by the real estate sector” during the Covid pandemic.
“The Goa RERA discussed the said matter in detail and after considering the current and previous pandemic situation, the authority decided to extend the time to complete the audit of accounts and submit the annual statement of accounts in Form-6 till December 31,” deputy town planner with Goa RERA Yugandaraj Redkar said.
As per the Real Estate (Regulation and Development) Act, every real estate developer and builder needs to submit the audited accounts within six months after the end of every financial year for every registered project.
Builders said that the pandemic had affected the sector and firms faced a big challenge financially as well as the loss of staff. “Due the limited resources available with small and medium sized entities and the present hardships, there is a practical challenge for businesses to complete the necessary accounting and auditing compliances within the existing timelines,” GCCI had said.