Homebuyers Rights under RERA
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.
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.
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!