Homebuyers Rights Under Rera

Homebuyers have various rights and obligations under the Real Estate (Regulation and Development) Act, 2016 or RERA Act.

RERA registration is applicable for construction of an apartment building with more than 8 units or land development of more than 500 square meters. Hence, buyers purchasing an apartment or plot of land can ask the seller for RERA registration and enjoy the following rights from the moment they become an allottee.

Right to Obtain Information

The allottee or homebuyer is empowered to obtain information pertaining to sanctioned plans and layout plans along with the specifications, which are duly approved by the competent authority.

Construction Schedule

The homebuyer is entitled under the RERA Act to know the stage-wise time schedule of the completion of the project; including the provisions for water, sanitation, electricity and other amenities and services as agreed to between the promoter and allottee, in accordance with the terms and conditions of the agreement for sale.

Possession of Real Estate

The allottee is permitted to claim the possession of apartment, plot or building. The building association of allottees is entitled to claim the possession of the common areas.

Right to Refund

Under the RERA Act, if the building or land promoter is unable to complete the handover of the apartment, plot or building, an allottee can claim a refund of any amount paid along with the interest in the prescribed rate, as well as compensation from the promoter.

Custody of Documents

Under RERA, an allottee is entitled to have the necessary documents and plans, including that of common areas, after the promoter surrenders the physical possession of the apartment, plot or building.

Homebuyers Duties under RERA

Along with rights come responsibilities. Under RERA, a homebuyer also has the following duties to ensure proper closure of the purchase transaction.

Payments and Interest

An allottee who is a participant of an agreement for sale to take an apartment, plot or building is liable to make necessary payments, in accordance with the manner and time specified in the agreement. The payment is inclusive of municipal taxes, water and electricity charges, maintenance charges, ground rent and other charges, etc. In case of any delay in making payment, the allottee will be liable for payment of interest at the prescribed rate.

Participation

An allottee of the apartment, plot or building must participate in the formation of an association or co-operative society of the allottees, or a federation of the same.

Possession of Property

An allottee is required to acquire physical possession of the apartment, plot or building. The allottee is required to do so within a period of two months after the receipt of occupancy certificate, which is issued for the apartment, plot or building.

Registration of the Conveyance Deed

An allottee must take part in the registration of the conveyance deed of the apartment, plot or building.

Did you know? A project registered under RERA can be sold only by a real estate agent having RERA registration!

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Frequently Asked Questions

Common questions about Homebuyers Rights under RERA: Essential Information.

RERA stands for the Real Estate (Regulation and Development) Act, 2016. It is a central law enacted to protect the interests of homebuyers and promote transparency in the real estate sector in India.

RERA registration is applicable for construction of an apartment building with more than 8 units or land development of more than 500 square meters. Any project falling under these criteria must be registered under RERA.

Homebuyers or allottees have the right to obtain information pertaining to sanctioned plans, layout plans, and specifications approved by the competent authority. They can also access the stage-wise construction schedule and details of amenities and services provided.

Homebuyers have the right to claim possession of the apartment, plot, or building they have purchased. The association of allottees can also claim possession of common areas. Additionally, homebuyers are entitled to receive necessary documents and plans after taking possession.

Yes, if the promoter is unable to complete the handover of the property, homebuyers can claim a refund of any amount paid along with the prescribed interest rate and compensation from the promoter.

Homebuyers must make necessary payments as per the agreement, including taxes, charges, and interest in case of delay. They must also participate in the formation of an association or cooperative society of allottees and take physical possession of the property within two months of receiving the occupancy certificate.

Yes, homebuyers are required to participate in the registration of the conveyance deed of the apartment, plot, or building they have purchased.

No, a project registered under RERA can only be sold by a real estate agent who has obtained RERA registration.

If homebuyers delay making payments as per the agreement, they will be liable to pay interest at the prescribed rate for the delay.

No, homebuyers cannot claim possession of common areas individually. However, the building association of allottees is entitled to claim possession of the common areas.