The Goa Housing Board has revised its rules for the auction allotment of housing plots, requiring minimum prices to align with rates set by the revenue department. The previous allotment committee has been replaced by a scrutiny committee that must process applications within 30 days. Successful allottees must now pay the full amount within 90 days, with a 5% forfeiture on initial deposits for late payments. Construction of residential properties must be completed within three years, with extensions available under specific conditions. The board has also introduced mandatory conveyance deeds for plot transfers.
The Goa Housing Board has initiated amendments to the rules and processes governing the allotment of housing plots via auction. A significant alteration in these rules requires the board to establish the minimum price for a plot based on the minimum land prices set by the revenue department.
The previous allotment committee has been replaced by a scrutiny committee, which is tasked with completing the scrutiny process for all applications within 30 days. These new regulations are part of the revisions to the Goa Housing Board (Registration, Allotment and Sale of Plots) Rules.
The Goa Housing Board noted in a recent notification that it will determine the minimum price per square metre for a plot, including the minimum price for the auction category, by considering the rates established by the revenue department for specific land. This determination will also incorporate the charges associated with the development of the land to establish the final price of the plot. This price per square metre will be definitive and binding for the allottee.
Under the previous regulations, the board would set the prices for plots. The government is eager to address revenue leakages and aims to accurately capture the true value of land transactions within the state. In conjunction with these changes, the revenue department has also proposed an increase in the minimum land rates for Salcete, Tiswadi, and Mormugao, while the minimum rates for Pernem and Bardez have already been raised.
A notification issued by the joint secretary for housing, Amalia Pinto, mentioned that the government would consider the draft rules following the expiration of a 15-day period from the notification's publication. The new regulations require the successful allottee to pay the full amount within 90 days of receiving the allotment order. Previously, the allotted time was 20 days. Should there be a failure to complete the full payment, a 5% forfeiture of the initial deposit will occur, in contrast to the previous 15% forfeiture.
Once a plot has been allotted, the allottee is obligated to construct a residential house or bungalow with a compound wall on the allotted plot within three years of the issuance of the sale letter. Should the construction not be completed within this designated timeframe, the Goa Housing Board is entitled to reclaim the plot, and the payment will be refunded after the entire initial deposit is forfeited.
The managing director of the board may grant an extension for the construction period to a maximum of 10 years, contingent upon the payment of a penalty for delayed construction. Currently, an eight-year period is allowed for constructing a bungalow.
Additionally, the board has mandated that a conveyance deed must be executed to transfer the residential plot following a five-year period from the issuance of the occupancy certificate. In the case of institutional plots, once construction is finalised and the occupancy certificate is issued, the board will execute a conveyance deed to transfer the plot in favour of the institution.
These amendments aim to streamline the allotment process and ensure that land transactions reflect true market values, ultimately helping the government minimise revenue losses. The introduction of stricter timelines and mandatory documentation underscores the board's commitment to efficient land management. By enforcing these regulations, the Goa Housing Board seeks to enhance accountability and transparency in housing development, fostering a more robust real estate environment in the state.
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