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| Tenor |
Are you aware that as a homebuyer, the 2016 Real Estate Regulatory Authority (RERA) Act gives you certain rights. The chances that you're in the know are quite slim in this regard, as history tells us.So, what are your rights?
1️⃣ Property Registration – Your developer cannot sell/promote the project without RERA registration. You have the right to get the RERA registration number.
2️⃣ Construction Agreement – Once the promoter gets the project plans approved, he/she will ink a construction agreement with you. Once this is done, nothing can be changed structurally and internally without your approval. This is your second right.
💡 Common amenities may only be changed if 2/3rds of the buyers agree.
3️⃣ Funding for Projects – Promoters have to deposit 70% of funds into a dedicated account. Withdrawals are allowed proportionately basis project completion level. You have the right (Section 4) to verify this before buying/paying any further money for your under-construction home.
4️⃣ The Last Lap – Section 19 states that homebuyers can take possession on the basis of the schedule promised in the agreement, with full right to withdraw applications and get refunds for non-completion.
💡 Section 69 states that all officers of the developer’s entity will have responsibility for company affairs at the time of disputes and subsequent company conduct.
In a nutshell
📌 Make sure you ask for the RERA registration number.
📌 Check for the dedicated bank/escrow account to deposit your money.
📌 Ask for a refund if the project stays unfinished within the committed timeline.
Awareness is indispensable since it’s your hard earned money at stake.