In order to govern the real estate industry and safeguard home buyers’ rights, the Real Estate (Regulation and Development) Act, 2016 (RERA) was passed. Ensuring that developers comply with the possession dates pledged to homebuyers is one of the key components of RERA. RERA Guidelines has established a number of Dos and Don’ts regarding possession dates that developers must adhere to. RERA rules guarantee openness and responsibility while defending homebuyers’ rights. Several important RERA Dos and Don’ts regarding possession dates will be covered in this article.
What does RERA stand for?
The Real Estate (Regulation and Development) Act of 2016 is known as RERA. The Indian Parliament passed this law in order to control the real estate industry and safeguard the interests of homebuyers. The Maharashtra Ownership of Flats (MOFA) Act was repealed and replaced by the Act on May 1, 2017.To guarantee that developers uphold moral standards and complete projects on schedule, RERA Guidelines contain a number of restrictions. Developers must, for instance, register their projects with the RERA and provide all pertinent information, such as project dates, project plans, land status, approvals, and other specifics. Additionally, developers must put 70% of the project cost into a special bank account that can only be utilised for construction.
RERA Do’s on Possession Dates
These RERA Do’s ensure transparency, accountability, and protect the interests of homebuyers, thereby improving the overall credibility of the real estate sector.
- The date of possession must be specified in the developer’s agreement with the buyer, and it cannot be changed without the buyer’s permission.
- Before giving up possession, developers must make sure the project has a current occupancy certificate.
- The project’s infrastructure and amenities must meet all the requirements set forth for the buyers, according to the developers.
- Developers are required by the RERA to pay the buyer for any possession delays that go beyond the predetermined date.
- All project-related paperwork, such as approvals, financial statements, and construction progress reports, must be kept up to date by the developers.
- Developers must provide the buyer with a copy of the agreement, along with all annexures and disclosures, at the time of booking the property.
- Developers must not charge any additional amount from the buyer, except as specified under the RERA, and must provide all information related to the cost of the property, including the price of the property, taxes, and other charges, to the buyer in a transparent manner.
RERA Dont’s on Possession Dates
By following these RERA Don’ts, developers can ensure that they maintain transparency and accountability with home buyers and deliver projects as per the agreed-upon timelines, thereby improving the overall credibility of the real estate sector.
- Developers are prohibited from delaying possession past the mutually agreed-upon date without the buyer’s approval and are required to make up any lost time by paying the buyer.
- Developers must get the appropriate approvals from the relevant authorities before departing from the project’s approved plan and specifications.
- Without first registering it with the RERA, developers are not permitted to sell or promote a project.
- Developers are not permitted to modify the agreement without the buyer’s permission.
- Developers are prohibited from treating customers unfairly based on their gender, caste, religion, or any other characteristics.
- Developers are prohibited from using the buyer’s money for anything but the project’s construction.
The real estate industry has benefited greatly from the transparency, accountability, and efficiency provided by RERA’s Dos and Don’ts regarding Possession Dates. The interests of homeowners are safeguarded by these rules, which make sure developers follow moral standards and complete projects on schedule. Developers may preserve transparency and credibility with home buyers by abiding by the RERA Do’s, which can increase the sector’s overall efficiency. The RERA Don’ts also ensure that developers follow the law and forbid them from engaging in unethical behaviour, protecting the interests of home buyers. The RERA has completely changed the Indian real estate market, and its Dos and Don’ts regarding possession dates have contributed to the industry’s long-overdue increase in openness and responsibility.