Panaji (Goa): Secretary Urban Development IAS Sudhir Mahajan has been appointed as the Regulatory Authority to regulate the real estate sector in Goa.

Mahajan has been designated under the Real Estate (Regulation and Development) Act 2016 as the Regulatory Authority, until the establishment of Real Estate Regulatory Authority (RERA).

The RERA is currently being looked after by the Urban Development Ministry, which is in process of finalizing rules in line with the Central Act.

According to Section 85 of the Act, rules are required to be notified by the Regulatory Authority within three months of its formation.

The Central Act–which got rolled in from May 1–aims at providing security to the home buyers. It will ensure timely completion of the project, as the funds can be withdrawn only for construction purposes. The law also prescribes penalties on developers who delay projects.

Team TNV