As we all are aware that Real Estate (Regulation and Development) Act, 2016 has been implemented to address the grievances of aggrieved home buyers and with the introduction of the same the home-buyers now have many rights and few duties. The home-buyers should be aware of all the rights and duties they have so that they can secure their property investment.
Section 19 under Chapter 5 of the Act deals with the rights and duties.
- Homebuyers have a right to obtain the information relating to sectioned plans, layouts, specification relevant approvals by the competent authority and any other information related to the project in which are have invested or are willing to invest.
- Homebuyers have a right to be informed about the stag wise time schedule of completion of project, including the provisions of water, sanitation, electricity and amenities and services.
- The homebuyer has a right to claim the possession of the unit and the association of homebuyers have a right to claim the possession of the common area of project as agreed between both the parties.
- Homebuyers have a right to claim the refund along with interest and compensation in case there is delay in possession or if the promoter fails to comply with these duties as the Act rules or the agreement or due to discontinuance of business as a developer on account of suspension or revocation of registration.
- Homebuyers have a right to obtain necessary documents and plans including that of the common areas, after taking the physical possession of the unit.
- Homebuyers who have entered into agreement to sale for the unit shall be responsible to make timely payments as specified in the agreement.
- Homebuyers are liable to pay interest on as prescribed on account of any delay in making of payments. Such obligation of paying the interest may be reduced only when mutually agreed between both the parties.
- Homebuyers should participate in the formation of association or society or cooperative society of the homebuyers.
- Homebuyers should take the possession with of the unit with 2 months of issue of occupancy certificate from the competent authority.
- Homebuyers shall participate in registration of the conveyance deed of the unit.
All the aforesaid discussed rights and duties were given so that Real Estate sector can easily be regulated as the purpose of the RERA is not to be biased towards any of the stake holder but to provide the balanced growth and development of this sector in a harmonious way.
Disclaimer – Please note that the above articles is based on the interpretation of related laws and judicial pronouncement which may differ from person to person. The reader are expected to take the expert opinion on the matter.