It’s so easy to get caught up in the churning excitement accompanying the momentous occasion of buying your dream home. However, after the honeymoon phase of settling for a home and the tentative agreement is over, there comes the realistic stage of closing the deal.
This is the stage when a lot of unforeseen situations turn up that the buyer might not necessarily be aware of or comfortable with. A major decision like home buying could suddenly turn out to become a nightmare. However, the buyer needs to be aware that there are certain laws existing to protect the rights and responsibilities of a property buyer in India. Referred to as the RERA Act (Real Estate (Regulation and Development) Act) that came into effect from May 1st, 2017, it is meant to regulate and promote the real estate sector.
The Act ensures that all transactions are done in an efficient and transparent manner and protects the interests of the buyers. It also provides an Appellate Tribunal for speedy dispute redressals. Some of the provisions of this Act include the Rights of the buyers and include the following:
- The buyer has the right to obtain all possible information regarding the property – including sanctioned plans, layout plans as well as all specifications and permits as approved by the competent authorities.
- The buyer is also entitled to know the stage-wise completion schedule of the project, including provisions for electricity, sewage and rainwater harvesting and other utilities, amenities and services.
- After full payments, the buyer has the right to claim possession of the property and along with the association of buyers, lay claim over the common spaces too.
- If the seller is unable to give possession of the property as per the sales agreement, then the buyer has the right to be compensated with a full refund along with due interest rates on the amount. The seller’s registration can even be suspended or revoked under this Act.
- The buyer is also entitled to receive the necessary documents, tax receipts, certificate of no encumbrance and plans of the property along with that of any common areas, from the builder.
- The buyer can take possession of the home once OC has been issued and receive a copy of the certificate for himself too.
- Aside from this, the buyer has to the right to receive the property with each and every feature mentioned in the sales agreement – after full payment; lack of fulfilment of the agreement makes the buyer eligible to take the seller to court.