PANJIM, March 5 -- Team Herald

The Goa Real Estate Regulatory Authority (RERA) has penalised the builder, who took more than 10 per cent of the consideration amount from the home buyers before registering the agreement for sale before Sub Registrar.

RERA Member Vincent D'Silva on Wednesday imposed a penalty of Rs 5 lakh on the Prescon Homes Private Limited for violation of section 13 of RERA Act. The section 13 states that no deposit or advance be taken by the promoter without first entering onto agreement for sale.

D'Silva in his order has directed the builder to pay interest at the rate of 11.10 per cent per annum, to the complainants on the sum of Rs 42,52,500 for the period from 30-09-2022 till 22-03-2023 within 30 days from the da...