RERA Empowerment – Your Rights and Duties When Buying Residential Property in India
Posted On September 15, 2023
The dream of owning a residential property marks a momentous achievement for numerous individuals and households in India. With the continuous evolution and growth of the real estate India market, it becomes imperative for property buyers to possess comprehensive knowledge about their rights and responsibilities throughout the process. Without this understanding or expertise, venturing into real estate in Gurgaon or any housing market can be disheartening and result in significant financial losses.
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, plays a pivotal role in safeguarding the interests of property buyers and promoting transparency in property transactions. In this blog, we will explore the rights and responsibilities of allottees (property buyers) under RERA and how they can ensure a smooth residential property purchase experience.
Table of Contents
Understanding Allottees’ Rights:
Access to Information: As a property buyer, you can access crucial information about the property you intend to purchase. This right to access information includes sanctioned plans, layout plans, specifications approved by the competent authority, and any other details outlined in the RERA Act, rules, regulations, or your sale agreement with the promoter (the party responsible for property development).
Completion Schedule: Allottees can access detailed information about the project’s stage-wise completion schedule. This schedule should include provisions for essential amenities and services like water, sanitation, electricity, and others, as agreed upon in your sale agreement.
Possession of Property: You can claim control of the apartment, plot, or building you’ve purchased. Additionally, the association of allottees has the right to claim possession of common areas per the promoter’s declaration under RERA.
Refund and Compensation: Suppose the promoter does not deliver possession as per the sale agreement terms or discontinues the development project due to registration suspension or revocation. In that case, the owner is supposed to give you a refund of the amount paid, along with interest at the prescribed rate, and seek compensation as outlined in the RERA Act.
Access to Documents: Upon taking physical possession of your property, you have the right to obtain all essential documents and plans, including those of common areas, from the promoter.
Understanding Allottees’ Responsibilities:
Payment Obligations: Every allottee must fulfil their financial responsibilities outlined in the sale agreement, including making necessary payments within the agreed time frame. These payments may cover registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent, and any other applicable fees.
Timely Payments: Allottees must ensure timely payments of all amounts and charges specified in their sale agreement. Failure to do so may result in interest charges as per applicability as per RERA.
Association Participation: As an allottee, it is mandatory to actively participate in forming an association, society, cooperative society, or federation of allottees, as applicable. These associations are crucial in managing and maintaining the property after possession.
Taking Physical Possession: Upon receiving the occupancy certificate for your property, you must take physical possession within two months. This certificate certifies that the property is ready for occupancy and that all necessary infrastructure and amenities are in place.
Conveyance Deed Registration: Allottees are responsible for participating in the registration of the conveyance deed for their property. Registration of the conveyance deed is crucial in establishing legal property ownership.
Buying real estate properties in India is a significant undertaking, and being aware of your rights and responsibilities as an allottee is essential. RERA has brought transparency and accountability to the real estate sector, ensuring that property buyers are protected and informed throughout the process. By adhering to your responsibilities and exercising your rights under RERA, you can proceed with a successful and hassle-free journey to buying your dream home. Whether looking for flats for sale in Delhi or real estate in Pune, you can confidently ask for and get all the details and information you desire.
Remember, when buying any residential property, whether an apartment, plot, or building, you invest long-term in your future and your family’s well-being. Making informed decisions is crucial, and RERA empowers you to do just that.
So, whether you’re a first-time homebuyer or a seasoned property investor, understanding your rights and responsibilities is the key to a smooth and successful property purchase. Feel free to seek legal advice or consult a trusted real estate agent to pilot the real estate market details effectively. Your dream home in India is within reach, and you can make it a reality with the proper knowledge.
At Save Max Real Estate, we are always ready to help you invest in verified, hassle-free real estate in India. Contact us to know more.