Five industry bodies got together recently to disseminate information of the Real Estate (Regulation and Development) Act (RERA) that is applicable to Goa’s real estate industry. The seminar was jointly organised by the GCCI, ICAI, CREDAI, IIA and GAR at the ESG auditorium, Panjim.
The seminar focused on understanding the key issues under the RERA Act and highlighting its legal and tax implications for all the stakeholders. Two sessions were conducted by Adv. Shivan Desai and Nandkishore Harite, chartered accountant respectively. Later during the event there was a panel discussion on the proposed changes in the construction procedure and RERA effect on the real estate sector.
RERA is an important legislation that aims to monitor the builders and their construction projects. The primary purpose of the Act is to restore the confidence of consumer in the real estate sector by establishing transparency and accountability. Goa has also notified the state RERA rules and is on its way to launch the online website for builders to register projects.