Buyers Rights & Duties

Right of Information – Now with the RERA provisions the buyer has the full right to obtain and access the information’s related to the project such as sanctioned plans, layouts plans ,specifications ,approvals from competent authorities etc. as provided in the act or the rules and regulations made there under.

Right to know and check Stage wise Construction & Services: The buyers now has the right to know stage wise completion schedule of completion of theProject and services including the provisions for water, sanitation, electricity and other amenities andservices as agreed to between the promoter and the allottee in accordance with the terms and conditions of the agreement for sale.

Right to Claim for Possession :- The allottee is entitled to claim the offer of possession booked apartment,plot and building and the possession of common areas as per the declaration given by the promoter under the clauses and provisions in the Act.

Right to Claim for Refund due to delay in Possession :- In case of delay in possession or the Promoter is unable to handover the possession of the booked plot ,building, apartment as the case may be in accordance with the terms and conditions of the agreements the allottee has the right to claim the refund of the amount paid to the promoter alongwith the interest at the rate prescribed and recommended as per the act.The allottee is also entitled for refund in case of discontinuance of his (promoter) business as a developer on account of suspension or revocation of his registration on demand by the allotte.

Defective Title compensation :- The promoter shall compensate the allottees in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed,in the manner as provided under this Act, and the claim for compensation under this subsection shall not be barred by limitation provided under any law for the time being in force.

Right to appeal – The allottee has the right to appeal in the Tribunal if he is not satisfied by the decision taken by the authority. An aggrieved allottee  by any direction or decision or order made by the Authorityor by an adjudicating officer under this Act may prefer an appeal before the Appellate Tribunalhaving  jusrisdiction over the matter.

Duty to pay the installments on time : The RERA mandates that every allottee who enters into an agreement with the promoter is responsible to make the payment on time as per schedule and payment plan as mentioned in the agreement to sell. The allottee shall also  pay at the proper time and place, the share of the registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent, and other charges, if any.

Right to pay and deposit the installments in Escrow Account : - RERA has now made it mandatory for all the promoters to receive the payments only in the escrow account maintained for the project. RERA now makes it mandatory that  70% of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose. The amounts from this account shall be withdrawn by the promoter only when it is certified by an engineer, an architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project:

Penal charges in case of delay in payment : In case if the allottee fails/delays to make the payment on time as per the schedule and constructions the allottee has to pay the penal charges to the promoter as per the prescribed rates agreed in between.

Duty to take physical possession - Every allottee shall take physical possession of the apartment, plot or building asthe case may be, within a period of two months of the occupancy certificate issued for the said apartment, plot or building, as the case may be.

Failure to comply and punishment : If any allottee, who fails to comply with, or contravenes any of the orders, decisions or directions of the Authority he shall be liable to a penalty for the period during which suchdefault continues, which may cumulatively extend up to five per cent. of the plot, apartment or building cost, as the case may be, as determined by the Authority. If any allottee, who fails to comply with, or contravenes any of the orders or directions of the Applellate Tribunal, as the case may be, he shall be punishable withimprisonment for a term which may extend up to one year or with fine for every day during which such default continues, which may cumulatively   extend up to ten per cent. of the plot, apartment or building cost, as the case may be, or with both.

 

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