Joint Venture Agreement Must be Registered With Sub Registrar Goa RERA

Goa RERA Mandates Registration of Joint Venture Agreements with Sub Registrar Office before applying for RERA Registration. The Goa Real Estate Regulatory Authority (RERA) has issued a new regulation requiring all agreements between developers and landowners to be registered before project registration with RERA.

Key Points:

• Requirement: Registered Collaboration/Development Agreements (or similar agreements) complying with the Indian Registration Act (1908).
• Purpose: Enhances transparency and protects landowner rights.
• Impact on Developers:
  • Submitting unregistered agreements or memorandums of understanding will result in delayed or rejected project registrations.
  • Agreements must be notarized within Goa’s jurisdiction.

Background:

• RERA observed instances of developers submitting:
  • Unregistered agreements.
  • Memorandums of understanding with promises of future agreements.
  • Agreements notarized outside Goa’s jurisdiction.

How it Works:

• Builders often collaborate with landowners, offering flats/shops in exchange for land use.
• The Real Estate (Regulation and Development) Act (2016) mandates registration of such agreements under the Indian Registration Act.

Enforcement:

• Non-compliance will lead to hearings and potential project registration rejection.

Overall, this regulation strengthens Goa RERA’s efforts to ensure transparency and accountability in real estate transactions.