1. Short title and commencement.—
(1) These rules may be called the Goa Real Estate (Regulation and Development) (Registration of
Real Estate Projects, Registration of Real Estate agents, Rates of Interest and Disclosures on Website) Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
(1) In these rules, unless the context otherwise requires,—
(a) “Act” means the Real Estate (Regulation and Development) Act, 2016 (Central Act 16 of 2016);
(b) “Annexure” means Annexure A appended to these rules;
(c) “Apex Body” or “Federation” means an independent body formed by and consisting of all the Co-operative Societies registered under the Goa Co-operative Societies Act, 2001 (Goa Act 36 of 2001), Companies registered under the Companies Act, 2013 (Central Act 30 of 2013) or condominiums or any other legal entity, constituted by the allottees in various buildings with or without wings located within a layout, where each such cooperative society or company or condominium or any other legal entity, as the case may be, which cooperate in the maintenance and administration of common areas and amenities and facilities provided in the layout while independently retaining control of its own internal affairs and administration in respect of each of the buildings for which they are formed;
(d) “Appellate Tribunal” means the Goa Real Estate Appellate Tribunal established under sub-section (1) of section 43 and shall include its benches;
(e) “ASR” or “Annual Statement of Rates” means the rate of land as notified under the provisions of the relevant Act or rules framed thereunder;
(f) “authenticated copy” shall mean a self-attested copy of any document required to be provided by any person under these rules;
(g) “authorised representative” means a person duly authorised by a party to a proceeding to present Application or to appear or plead on his behalf before the Authority or Appellate Tribunal or Adjudicating officer;
(h) “Authority” means the Goa Real Estate Regulatory Authority established under sub-section (1) of section 20;
(i) “Chairperson” means the Chairperson of the Authority;
(j) “Covered parking space” means an area provided with a roof as approved by the Competent Authority as per the applicable Development Control Regulations for parking of vehicles of the allottees which may be in basements and/ /or stilt and/or podium and/or space provided by mechanised parking arrangements but shall not include open parking;
(k) “disclosure” means the information and documents to be uploaded by the Promoter on the website of the Authority as well as the information and documents, which he is liable to give or produce or cause to be given and produced to the person intending to take or invest in project under the Act to the public at large through print media, electronic media, property exhibition and promotional event and shall also include the communication made to the Authority, either in physical or electronic form and includes the information, documents, etc., being made available;
(l) “Form” means the form appended to these Rules;
(m) “FAR or Floor Area Ratio” shall have the same meaning as assigned to it in the Building Rules or Building By-laws made by Competent Authority under any law for the time being in force;
(n) “Legal Practitioner” shall have the same meaning as is assigned to it in the Advocates Act, 1961 (Central Act 25 of 1961);
(o) “Member” means a Member of the Authority;
(p) “Phase of a Real Estate Project” means a building or a wing of the building in case of building with multiple wings or defined number of floors in a multistoreyed building/ /wing;
(q) “Plinth Area Rate” means the rates notified by the Public Works Department;
(r) “Redevelopment Scheme” means a scheme inter-alia providing for allotment of apartments in respect of rehabilitation or redevelopment of slum areas, pre-existing buildings, or cluster of buildings, as may be approved by the relevant competent authority under the provisions of this State or Central law or orders of the Government of Goa or Central Government;
(s) “regulations” means the regulations made by the Authority;
(t) “section” means a section of the Act;
(u) “statutory authority” means such authority who is invested with the powers under any law, rules or regulations of the Government of Goa or Central Government.
(2) Words and expressions used and not defined in these Rules but defined in the Act shall have the same meanings respectively assigned to them in the Act and the applicable local Act, Rules and Regulations.
Real Estate Project
3. Other Information to be furnished by the promoter for the registration of real estate project.—
(1) The promoter shall furnish to the Authority such information as is required under the Act and documents, specified under sub-sections (1) and (2) of section 4 of the Act, for registration of the real estate project with the Authority.
(2) Without prejudice to the provisions of sub-rule (1), the promoter shall also furnish the following information and documents alongwith the Application under sub-section (1) of section 4 of the Act, namely:—
(a) authenticated copy of the PAN card of the promoter;
(b) name, photograph, contact details and address of the promoter, if he is an individual or authorized representative; or the name, photograph, contact details and address of the chairperson, partners, directors, members, as the case may be, and the authorized representative in case of other entities;
(c) a copy of the legal title report reflecting the flow of title of the owner or promoter to the land on which development is proposed, with authentication of such title by legal practitioner;
(d) where the promoter is not the owner of the land on which development is proposed, a copy of the collaboration agreement, development agreement, joint development agreement or any other form of agreement, as the case may be, entered into between the promoter and owner of the land, reflecting the consent of such owner and authenticated copies of legal title report reflecting the title of such owner, on the land proposed to be developed;
(e) the information relating to the encumbrances in respect of the land where the real estate project is proposed to be undertaken and the details regarding the proceedings which are sub-judice (if any) in respect of such land;
(f) (i) sanctioned plan where the project is being developed along with information relating to the FAR/TDR and other entitlements which are proposed to be utilized in accordance with the relevant Development Control Regulations for the time being in force, for carrying out such
sanctioned plan and the amenities and common facilities (including common areas, parking spaces) to be provided in accordance with the sanctioned plan;
(ii) the Proposed Plan, Proposed Layout Plan of the whole project and Floor Area Ratio proposed to be consumed in the whole project, as proposed by the promoter;
(iii) proposed Floor Area Ratio to be consumed and sanctioned Floor Area Ratio. In case the sanctioned Floor Area Ratio is different than what is proposed to be consumed by the promoter, then the proposed Floor Area Ratio shall be disclosed at the time of registration and as and when the additional Floor Area Ratio is sanctioned, the same shall be uploaded on the website of the Authority by the promoter from time to time;
(iv) proposed number of building(s) or wing(s) to be constructed and sanctioned number of the building(s) or wing(s). In case the sanctioned number of building(s) or wing(s) is different than what is proposed to be constructed by the promoter, then the proposed number of building(s) or wing(s) shall be disclosed at the time of registration and as and when the additional number of building(s) or wing(s) are sanctioned, the same shall be uploaded on the website of the Authority by the promoter from time to time;
(v) proposed number of floors in respect of each of the building or wing to be constructed and sanctioned number of floors in respect of each of the building or wing. In case the sanctioned number of floors is different than what is proposed to be constructed by the promoter, then the proposed number of floors shall be disclosed at the time of registration and as and when the additional number of floors are sanctioned, the same shall be uploaded on the website of the Authority by the promoter from time to time;
(vi) aggregate area in square meters of the recreation space;
(vii) the number of covered parking spaces;
(g) the particulars in respect of Architecture and Design Standards, type of Construction Technology, Earthquake Resistant Measures and the like to be adopted for Buildings and for Common Areas and of amenities/facilities in the Layout Plan of the real estate project;
(h) the nature of the organisation of allottees to be constituted and to which the title of such land parcels is to be conveyed and the specific local laws to govern such organisation of allottees on completion of real estate project;
(i) the interest/rights of third parties in the project like banks, Housing Finance Companies, Non Banking Finance Companies etc;
(j) the GST registration number under the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017);
(k) the nature of land as per the Goa Land Revenue Code, 1968 (Act 9 of 1969) and the rules framed thereunder; and the zone of land as per the Goa, Daman and Diu Town and Country Planning Act, 1974 (Act 21 of 1975) and the rules and notifications issued thereunder;
(l) the promoter shall also provide such other information and documents, as may be required by the Authority.
(3) The application for registration of a real estate project referred to in sub-section (1) of section 4 shall be made in Form ‘I’ hereto in writing by the promoter or his representative duly authorized by a letter of Authority or Board Resolution and shall be submitted in triplicate.
(4) As and when the web-based online system for submitting applications for registration of projects is operationalised by the Authority under sub-section (3) of section 4, the provisions of sub-rule (3) shall not apply.
(5) (a) At the time of application for registration, the promoter shall pay a
registration fee, calculated on the area of the land proposed to be developed at the rate of, rupees ten per square meter, subject to a minimum of rupees fifty thousand only and a maximum of rupees ten lakhs only.
(b) The fees for registration of real estate project shall be paid through NEFT or RTGS System or any other digital transaction mode.
(6) The declaration to be submitted under clause (l) of sub-section (2) of section 4 shall be in Form “II” hereto.
(7) The promoter may apply for withdrawal of application for registration of the real estate project before the expiry of the period of 30 days of its submission to Authority. In such cases, the registration fee to the extent of tenpercent paid under sub-rule (5) above, or rupees fifty thousand, whichever is more, shall be retained as charges towards processing of application by the Authority and the remaining amount shall be refunded to the promoter within a period of thirty days from the date of such withdrawal.
(8) The promoter shall disclose,—
(a) land cost in the real estate project for the purposes of sub-clause (D) of clause (l) of sub-section (2) of section 4;
(b) cost of construction in real estate project for the purposes of sub-clause (D) of clause (l) of sub-section (2) of section 4;
(c) estimated cost of the real estate project.
4. Disclosure by promoter of ongoing real estate project.
(1) The promoter of an ongoing real estate project, for which completion certificate as provided by first proviso to sub-section (1) of section 3 has not been received shall submit application for registration of such project not later than three months from the date of commencement of these Rules.
Explanation.— The term “completion certificate” means such certificate, by whatever name called, which is issued by the competent authority under the provisions of the Goa Land Development and Building Construction Regulations, 2010, or any other law for the time being in force, after completion of real estate project.
(2) The Promoter shall disclose all details of ongoing real estate project, if any, as required under sub-section (1) and (2) of section 4 and rule 3 including the extent of development carried out till the date of application for registration, as per the last approved sanctioned plan of the project and the extent of development of common areas, amenities, etc. completed in respect of buildings along with expected period of completion of the ongoing real estate project. The promoter shall also disclose the original time period disclosed to the allottees, for completion of the project at the time of sale including the delay and the time period within which he undertakes to complete the pending project, which shall be commensurate with the extent of development already completed. The Promoter shall submit a certificate from the practicing project Architect certifying the percentage of completion of construction work of each of the building/wing of the project, a certificate from the Engineer for the estimated balance cost to complete the construction work of each of the building/wing of the project, and a certificate from a practicing Chartered Accountant, certifying the balance amount of receivables from the apartments/flats/ /premises sold or allotted and in respect of which agreement have been executed and estimated amount of receivables in respect ofunsold apartments/flats/premises calculated at the prevailing ASR rate or as ascertained by a registered valuer on the date of issuance of such certificate.
(3) (a) The Promoter shall also disclose the number of the apartments sold or allotted to the allottees and further disclose the size of the apartment based on carpet area even if such apartments are sold earlier on any other
basis, such as super area, super built up area, etc.
(b) In case of plotted development, the promoter shall disclose the area of the plots sold to the allottees including extent of share of common areas and amenities, etc.
(4) The Promoter shall construct and develop real estate project in accordance with the sanctioned plan, and layout plans and specifications as approved by the Competent Authorities:
Provided that, the promoter developing a real estate project will be entitled to aggregate any contiguous land parcel through acquisition of ownership and title or by receiving development permission, including for re-development project and thereupon may also obtain phase-wise approvals from the relevant competent authorities to sanctioned plan under applicable laws, rules and regulations:
Provided also that, previous written consent of at least two-third of the allottees may not be necessary for implementation of the proposed plans/specifications as disclosed in agreement executed with the allottee prior to registration or for any alterations or additions or modifications in the sanctioned plans, layout plans and specifications of the buildings or common areas in the Real Estate Project which are required to be made by promoter in compliance of any direction or order, etc. issued by, the competent authority or statutory authority, under any law of the State of Goa or Central law for the time being in force.
5. Withdrawal of amounts deposited in separate account.
(1) With regard to the withdrawal of amount deposited under sub-clause (D) of clause (l) of sub-section (2) of section 4, the following provisions shall apply, namely:—
(a) for new project to be registered under the Act,
(i) the promoter shall observe the provisions of sub-clause (D) of clause (l) of sub-section (2) of section 4;
(ii) for the purpose of amount to be withdrawn from time to time by the promoter from the separate account in which amount is deposited by promoter in respect of each real estate project to cover the cost of construction and land cost, the Promoter shall submit a self declaration to the scheduled bank operating such separate account that he had obtained the following three certificates:—
First, from the project Architect certifying the percentage of completion of construction work of each of the building/ /wing of the project;
Second, a certificate from the Engineer/ /Structural Engineer for the actual cost incurred on the construction work of each of the building/wing of the project; and
Third, a certificate from a practicing Chartered Accountant, for the cost incurred on construction and on the land. The practicing Chartered Accountant shall also certify the proportion of the cost incurred on construction and land cost to the total estimated cost of the project. The total estimated cost of the project multiplied by such proportion shall determine the maximum amount which can be withdrawn by the promoter from the separate account.
(iii) The promoter shall follow the aforesaid procedure at the time of every withdrawal from such separate account till completion certificate in respect of the project is obtained. On receipt of completion Certificate in respect of the project the entire balance amount lying in the separate account can be withdrawn by the promoter.
(b) For ongoing real estate project within the meaning of the first proviso to sub-section (1) of section 3 of the Act, in which all buildings or wings as per sanctioned plan have not received the completion
certificate; seventy percent of the amount to be realized from the allottees shall be deposited in such separate account, in accordance with the provisions of sub-clause (D) of clause (I) of sub-section (2) of section 4 of the Act:
Provided that, in the event where the estimated receivables of the ongoing project is less than the estimated cost of completion of the project, then 100% of the amount to be realized from the allottees shall be deposited in such separate account.
Explanation I.— In ascertaining the cost of completion of the project, the land cost shall include,—
(a) the costs incurred by the Promoter for acquisition of ownership and title of the land parcels proposed for the real estate project, including its lease charges, which shall also include overhead cost, marketing cost, legal cost and supervision cost;
(b) premium payable to obtain development or redevelopment rights;
(c) amount paid for acquisition of TDR;
(d) premium for grant of FAR, including additional FAR (if any), fungible FAR; and any other instruments permissible under the Goa Land Development and Building Construction Regulations, 2010;
(e) consideration payable to the outgoing developer to relinquish the ownership and title rights over such land parcels;
(f) amounts payable to Government of Goa or Competent Authority or any other Statutory Authority of the Government of Goa or Central Government, towards Stamp Duty, transfer charges, registration fees, etc.; and
(g) ASR linked premiums payable by any Promoter as per requirement of any Law, rules or regulations for obtaining right for
redevelopment of lands owned by Public Authorities.
Explanation II.— Where the promoter, due to inheritance, gift or otherwise, is not required to incur any cost towards acquisition of ownership and title of the land parcels proposed for the real estate project, the cost of land shall be reckoned on basis of the value of the land as ascertained from the ASR prepared under the provisions of the relevant Act, applicable on the date of registration of the real estate project or as ascertained by a Registered Valuer.
Explanation III.— The cost of construction for the purpose of sub-clause (D) of clause (I) of sub-section (2) of section 4, shall include all such costs, incurred by the Promoter, towards the on-site and off-site expenditure for the development of the Real Estate project including payment of taxes, fees, charges, premiums, interest etc. to any Competent Authority or Statutory Authority of the Central Government or Government of Goa under any laws or rules or regulations for the time being in force including principal sum and interest paid or payable to any financial institutions including scheduled banks or non-banking financial companies, etc. or money-lenders/ /financiers for the Real Estate Project.
Explanation IV .— In case of rehabilitation scheme undertaken under any specific local law of State of Goa or Central Government or rules or regulations made thereunder which requires onsite expenditures to be made before registration of real estate project, such as, expenditure towards clearance of land of encumbrances for temporary transit accommodation, construction of rehabilitation buildings and any other overhead costs besides payment of ASR linked premium, fees and charges, security deposits, etc. to any competent authority or statutory authority is so certified by an engineer or architect and a Chartered Accountant in practice, then such incurred expenditure may be included in cost of land by the Promoter.
6. Grant or rejection of registration of the project
(1) Upon granting registration to any real estate project under sub-clause (a) of clause (1) of section 5, the Authority shall issue to the Promoter a Registration Certificate with a project registration number in Form “III” hereto. The period for which registration shall be valid shall exclude such period where actual work could not be carried by the promoter as per sanctioned plan due to specific stay or injunction orders relating to the real estate project from any Court of law, or Tribunal, competent authority, statutory authority, high power committee, etc., or due to such mitigating circumstances as may be decided by the Authority:
Provided that, while deciding on such mitigating circumstances, the Authority shall give reasonable opportunity of being heard to the allottees and such other person, who in the opinion of the Authority, have interest in the project.
(2) Upon the rejection of an application under sub-clause (b) of clause (1) of section 5, the Authority shall inform the applicant in Form “IV” hereto as also to the concerned competent authority or statutory authorities.
7. Extension of registration of the Real estate project.
(1) An application for extension of the real estate project shall be made to the Authority, in Form “V” hereto along with an explanatory note setting out the grounds and reasons for delay in the completion of the real estate project and the need for extension, along with documents supporting such grounds and reasons:
Provided that, where extension of registration is due to force majeure the Authority may at its discretion waive the fee for such extension granted to any real estate project.
(2) The grant of extension of registration to a real estate project, shall be in Form “VI” hereto. The Authority shall supply a copy thereto to the Promoter and in case of rejection
of the application for extension of registration, the authority shall, after giving to the applicant an opportunity of being heard as provided in the second proviso to section 6, inform the promoter about the same, in Form “IV” hereto.The intimation thereof shall also be given to the respective competent authority and statutory authorities.
(3) The application for extension of Real Estate Project shall be accompanied with fee calculated on the area of land proposed to be developed at the rate of rupees ten per square meter, subject to a minimum of rupees fifty thousand only and a maximum of rupees ten lakhs only.
8. Revocation of Registration of the project.
(1) Upon revocation of registration of a project under section 7, the Authority shall inform the promoter and the concerned competent authority about such revocation in Form “IV” hereto.
(2) The registration granted to the promoter under section 5 shall not be revoked unless the Authority has given notice to the concerned competent authority which has granted approval to the real estate project and association of allottees (if any). In case the association of allottees is not formed, the Authority may in its discretion, also give notice to the allottees, to submit their say in that behalf. The Authority while facilitating the remaining development works to be carried out in accordance with the provisions of section 8 shall also take such measures as may be required to protect the interest/rights of other parties who through mortgage or other investments are interested in the real estate project, which are disclosed by the promoter on the Website of the Authority:
Provided further that, the Authority shall also give adequate opportunity of being heard to any party which through defined instrument of debt or equity have created third party interest in the real estate projects.
Explanation.— For the purposes of sub-rule (2), the party/parties shall include Scheduled
Banks, Housing Finance Companies, Insurance Companies, Non-Banking Finance Companies operating as Asset Finance Companies, Investment Companies, Loan Companies, Investment Finance Companies, Infrastructure Debt Funds, Micro-finance Institutions, Foreign Direct Investors, Private Equity Funds and the Real Estate Investment Trust.
9. Formation of legal entity and transfer of title.—
The promoter shall enable the formation of an association or society or cooperative society as the case may be, of the allottees, or a federation of the same, under clause (e) of sub-section (4) of section 11 of the Act,—
(i) Where such legal entity of allottees is to be constituted for a single building not being part of a Layout; or in case of layout of more than one building or a wing of one building in the layout, the Promoter shall submit the application in that behalf to the Registrar for registration of the Co-operative Housing Society under the Goa Co-operative Societies Act, 2001 (Goa Act 36 of 2001) or to the registering authority specified under the statute under which such legal entity is proposed to be registered, within three months from the date on which at least fifty one percent of the total number of allottees in such a building or a wing have booked their apartment.
(ii) Where a Promoter is required to form an Apex Body either as a federation of separate and independent Co-operative Housing Society or Company or any other Legal Entity or as a Holding Company of separate and independent Co-operative Housing Society or company or any other Legal Entity, then the Promoter shall submit an application to the concerned Registrar for registration of the co-operative society or the company to form and register an Apex Body in the form of Federation or Holding entity consisting of all such entities in the Layout formed as per clause (i) above. Such application shall be made within aperiod of three months from the date of the receipt of the occupancy certificate of the last of the building which was to be constructed in the Layout.
(iii) The allottees of the project shall comply with the requirements specified in the Goa Co-operative Societies Act, 2001 (Goa Act 36 of 2001) or such other statute to enable the promoter to complete and submit the application for registration of the legal entity.
(iv) If the promoter fails to enable the formation of the legal entity such as Co-operative Society or Company or Association or Federation, as the case may be, the Authority shall, by an order, direct the Promoter to apply for formation of such legal entity or may authorize the allottees to apply for formation of such legal entity independently.
10. Agreement for Sale.
(1) For the purpose of sub-section (2) of section 13, the agreement for sale shall be in conformity with the law in force, and shall be in accordance with the form of agreement at Annexure ‘A’ hereto. Nothing in this sub-rule shall be deemed to prevent the promoter to modify the model form of Agreement for sale at Annexure ‘A’ provided that such modification is in conformity with the provisions of sub-section (2) of section 13 of the Act and the rules and regulations made thereunder.
(2) Any application, allotment letter or any other document signed by the allottee, in respect of the apartment, plot or building, prior to the execution and registration of the agreement for sale for such apartment, plot or building, as the case may be, shall not be construed to limit the rights and interests of the allottee under the agreement for sale or the Act or the rules or the regulations made thereunder.