There are many things you need to keep in mind when buying a home. The agreement between the buyer and the owner is such a thing. It`s the only document that protects your own rights, so you should read it carefully to be clear about everything from the start. This is one of the most important legal documents for every home buyer. This contract has all the necessary conditions that buyers and contractors must respect based on their objectives. The terms and conditions mentioned in this document also protect your rights as a buyer, so you do not overlook the importance of these. The Supreme Court has ruled that the period of allocation of a dwelling unit to a home buyer must be taken into account from the date of the construction-buyer agreement and not from the date of registration of the project under the Real Estate (Regulation and Development) Act 2016. RERA has significantly changed the Indian real estate sector. Pending implementation, the agreement generally included land assets, details of authorizations/permits received, and the length of the permit at the same time as the period before the property was handed over, amenities/installations, additional penalties/payments in certain circumstances, etc.
For ongoing projects, the agreement would have information on the housing/housing number, soil, wing area and costs, as well as completion time. „A buyer is quite within his right to impose the delivery date set in the construction/buyer contract. In Section 18, Point a), OF RERA (which provides for the responsibility for reimbursement of the construction company in the event of a delay), the terms „duly concluded in accordance with the terms of the contract of sale or, if necessary, on the date indicated”, i.e. that the delivery date must be taken into account as defined in the contract of owner,” says Vaib Surhavi, partner. The agreement could contain a clause allowing the owner to change the number of square metres of the apartment. If he has gained weight, he calculates a supplement. „What`s changing is not the carpet business, it`s the super-sector,” says Anuj Sood, director of Sood Properties, based in Noida. „You can pay 10 to 15% more at the end, while the benefit may be marginal or nil for you in terms of the extra area.” Home „Must Knows” Legal” That`s why you should carefully read your owner-buyer agreement „It is important to note that even for the purposes of Section 18 (of RERA), the deadline for the agreement and not the registration is to be expected,” the Apex court said.
Previously, the court rejected the contractor`s argument that RERA prohibited the use of home buyers under the Consumer Protection Act and stated that, despite the Real Estate (Decree and Development) Act 2016, buyers could continue to turn to the Consumer Forum for Repair, including reimbursement and compensation of real estate companies, in order to delay the ownership of their homes. The agreement may say that you must pay for certain items on the actual basis of costs at the time of possession.