Whereas, the draft rules
namely, 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, which the Government of Goa proposed to
make in exercise of the powers conferred by sub-section (1) and clauses (a) to
(k) and (p) of sub-section (2) of section 84 of the Real Estate (Regulation and
Development) Act, 2016 (Central Act 16 of 2016), and all other powers enabling
it in this behalf, were pre-published vide Notification No.
11/35//2017-DMA-1474, dated 22-8-2017, of the Department of Urban Development,
in the Official Gazette, Series I No. 21, dated 24-8-2017 inviting objections
and suggestions from all persons likely to be affected thereby before expiry of
10 days from the date of publication of the said Notification in the Official
Gazette; And whereas, the said Official
Gazette was made available to the public on 24-8-2017; And whereas, the said period
for submitting suggestions/objections was extended up to 11-09-2017; And whereas, the suggestions/objections
received from the public on the draft rules within the stipulated period have
been taken into consideration by the Government. Now, therefore, in exercise of
the powers conferred by sub-section (1) and clauses (a) to (k) and (p) of
sub-section (2) of section 84 of the Real Estate (Regulation and Development)
Act, 2016 (Central Act 16 of 2016) and all other powers enabling it in this
behalf, the Government of Goa hereby makes the following rules, namely: CHAPTER I PRELIMINARY (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
there under; (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 multi-storeyed 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. CHAPTER II 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 along with 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 there under; 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 there under; (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
ten percent 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. (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 of unsold
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. (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 there under 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. (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. (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. (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. 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 a period 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. (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 there under. (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 there under. CHAPTER III REAL ESTATE AGENT (1) Every real estate agent required to be registered as per sub-section (1)
of section 9 shall make an application in Form 'VII' hereto to the Authority. (2) The application under sub-rule (1) shall be accompanied with the
following documents, namely: (a) brief details of enterprise including its name, registered address of
place of business, type of enterprise (proprietorship firm, society,
partnership, company etc.); Registration number, PAN, Aadhar Card No, DIN, as
the case may be, under which returns are required to be filed with statutory
authority; (b) particulars of registration obtained under other laws, and rules and
regulations, as the case may be, along with the authenticated copy of
partnership deed, memorandum of association, articles of association, etc.; (c) two recent coloured passport size photographs of the real estate agent,
in case he is an individual and of all the partners, directors, members,
trustees, etc. including the persons in service and who have been assigned the
work of real estate agent, in case such real estate agent is a legal entity; (d) authenticated copy of the proof of address of the principal place of
business, number of branch offices, if any, along with contact details
including telephone numbers, fax numbers and email address; (e) details (if any) of all real estate projects and their promoters on
whose behalf he has acted as real estate agent in preceding five years; (f) details of all civil or criminal cases pending against him if is an
individual or any of the partners, directors, members, trustees etc. in case of
other entities; (g) authenticated copies of all letter heads; rubber stamp images,
acknowledgement receipts proposed to be used by the real estate agent; (h) such other information and documents, as may be specified by the
Authority. (3) (a) A fee of rupees ten thousand, in case applicant is an individual;
and (b) a fee of rupees one lakh,
in other cases shall be paid through NEFT or RTGS System or any other digital
transaction mode. (4) The real estate agent upon being engaged by the promoter for a real estate
project he shall maintain and preserve books of accounts, records and documents
separately for each such real estate project. (1) The Authority, may, within 30 days of receipt of application and after
satisfying itself of the fulfillment of all conditions, issue a registration
certificate with a registration number in Form 'VIII' hereto to the real estate
agent. (2) In case of rejection of the application, the Authority shall, after
recording the reasons in writing inform the applicant in Form 'IX' hereto: Provided that, no application
for registration of a real estate agent shall be rejected unless the applicant
has been given an opportunity of being heard in the matter by the Authority. (3) The registration granted under this rule shall be valid for a period of
five years. (1) A real estate agent to whom registration has been granted under section
9 shall make an application in Form 'X' hereto for renewal of his registration
at least sixty days prior to the expiry of the registration. The application
shall be accompanied with the same fees as referred in sub-rule (3) of rule 11. (2) The real estate agent shall also submit all the updated documents set
out in clauses (a) to (g) of sub-rule (2) of rule 11 at the time of application
for renewal. In case of renewal of registration, the authority shall inform the
real estate agent about the same in Form 'XI' hereto and in case of rejection
of the application for renewal of registration the authority shall inform the
real estate agent in Form 'IX' hereto: Provided that, no application
for renewal of registration shall be rejected unless the applicant has been
given an opportunity of being heard in the matter. (3) The renewal of registration of the real estate agent shall be granted
provided that the real estate agent continues to comply with the provisions of
the Act and the rules and regulations made there under. (4) The renewal of registration granted to a real estate agent under this
rule shall be valid for a period of five years from the date of its renewal. (1) Every registered real estate agent shall prominently display number of
his Registration Certificate at his principal place of business and at its
branch offices. (2) Every registered real estate agent shall quote his number of
registration on all the documents relating to advertisement, marketing, selling
or purchase issued by the real estate agent along with the number of
registration certificate of the real estate project. (1) Where any real estate agent who has been granted registration
certificate commits breach of any terms and conditions specified therein or the
provisions of the Act or rules and regulations made there under, or where the
Authority is satisfied that such registration has been secured by the real
estate agent through misrepresentation or fraud, the Authority may, without
prejudice to any other action under the law, either suo-motu or on an
application or complaint from the promoter or allottee, revoke the registration
or suspend the same for such period as the Authority thinks fit and inform all
the promoters: Provided that, no such
revocation or suspension of registration shall be made by the Authority unless
an opportunity of being heard has been given to the real estate agent. (2) Where the Authority revokes the registration it shall intimate about the
same to the concerned real estate agent in Form 'IX' hereto: Provided that, on the
revocation of the registration by the Authority of any real estate agent; no
fresh application for grant of registration shall be made before expiry of six
months from the date of such revocation. Every registered real estate
agent shall maintain and preserve such books of accounts, records and documents
as he may be required in accordance with the provisions of the Income Tax Act,
1961 (Central Act 43 of 1961) or the Companies Act, 2013 (Central Act 18 of
2013) or under any other law applicable for the time being in force or rules
and regulations framed there under and will be required to produce them for
inspection if so needed for grant or renewal of the registration. (1) The real estate agent shall provide assistance to enable the allottee
and promoter of each real estate project, to exercise their respective rights
and fulfil their respective obligations at the time of marketing and selling,
purchase and sale of any plot, apartment or building, as the case may be. (2) The real estate agent shall not involve himself in any unfair trade
practices, namely: (i) making any statement, whether orally or in writing or by visible
representation which (a) falsely or knowingly represents that services or amenities are of a
particular standard or grade; (b) represents that the Promoter or himself has approval or affiliation
which such promoter or himself does not have; (c) makes a false or misleading representation concerning the services which
the promoter does not have; (ii) permitting the publication of any advertisement whether in any newspaper
or other media, of services that are not intended to be offered by the
promoter. (3) The real estate agent shall, (i) facilitate the possession of all the information and documents, as the
allottee, is entitled to, at the time of booking of any plot, apartment or
building as the case may be. (ii) discharge such other functions as specified by the Authority. CHAPTER IV RATE OF INTEREST PAYABLE BY PROMOTER AND ALLOTTEE AND TIMELINES FOR
REFUND The rate of interest payable
by the promoter and the allottee shall be the State Bank of India highest
Marginal Cost of Lending Rate plus two percent: Provided that in case the
State Bank of India Marginal Cost of Lending Rate is not in use it would be
replaced by such benchmark lending rates which the State Bank of India may fix
from time to time for lending to the general public. The refund of any amount which
is payable by the promoter to allottee along with the applicable interest and
compensation, if any, under the Act or the Rules and Regulations, shall be made
by the Promoter to the allottee within thirty days from the date on which such
refund along with applicable interest and compensation, becomes due and payable
to the allottee: Provided that, every instance
thereof shall be reported by the concerned promoter within thirty days to the
Authority. CHAPTER V DETAILS TO BE PUBLISHED ON THE WEBSITE OF AUTHORITY (1) For the purpose of clause (b) of section 34, the Authority shall ensure
that all the disclosures made by the promoters to the Authority with regard to
the Real Estate project for which registration has been given, are made
available on its website. For the purpose of clause (d)
of section 34, the Authority shall ensure that the following information shall
be made available on its website in respect of each real estate agent
registered with it or whose application for registration has been rejected or
revoked: (a) For real estate agents registered with the Authority: (i) registration number and the period of validity of the registration of
the real estate agent with the Authority; (ii) brief details of his enterprise including its name, registered address,
type of enterprise (proprietorship, society, partnership, company, etc.); (iii) particulars of registration including the bye-laws, memorandum of
association, articles of association, etc., as the case may be; (iv) photograph of the real estate agent if he is an individual and the
photographs of the partners, directors, etc. in case of other persons; (v) authenticated copy of the address proof of the place of business and the
contact address, contact numbers and email-ids of the real estate agent and
other officials responsible. (b) In case of applicants whose application for registration as a real
estate agent have been rejected or real estate agents whose registration has
been revoked by the Authority: (i) registration number and the period of validity of the registration of
the real estate agent with the Authority; (ii) brief details of his enterprise including its name, registered address,
type of enterprise (proprietorship, society, partnership, company, etc.); (iii) photograph of the real estate agent if it is an individual and the
photographs of the partners, directors, etc. in case of other persons. (c) such other information or documents as the Authority may, from time to
time, require the promoter to submit. The Authority shall ensure
adequate measure to ensure cyber security of its Website a back-up, in digital
form, of the contents of its Website in terms of this rule, and ensure that
such backup is updated on the last day of every month. The Authority shall
maintain and update its Website and observe provisions of the Information
Technology Act, 2000 (Central Act 21 of 2000) and the Right to Information Act,
2005 (Central Act 22 of 2005).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
PREAMBLE