The delay in possession of their homes has been the biggest concern for the buyers of the real estate properties. For many of the homebuyers, across locations and with almost the builders, the delay has extended to almost six years or more now, with no possession in sight. In the absence of a regulator and with no rules in place, the builder-buyer battle appeared one-sided.
Now, the real estate sector has got its own regulator from May 1, 2017, the date when the Real Estate (Regulation .. Let's see what's RERA has got in store to ensure timely possession of properties. In respect of the ongoing projects that have not received a completion certificate, the developers have to get them registered too. Once registered, they too will have to follow the rules, regulations of the state RA.
There are six important provisions in RERA that may prevent the builders from delaying the projects and stick to deadlines rather than making a default. .. 1. Written affidavit: The promoter's promise will now have a legal standing to it. Along with all the required documents, the promoter has to give a declaration, supported by an affidavit stating the time period within which the project or the specific phase will get completed.
2. Possession date will be sacrosanct: Further, the 'agreement of sale' will have to specifically carry the date of possession and the rate of interest in the case of any default .. "For new projects, the committed date of delivery is the choice of the developer and so the customers will need to take a decision if they find that the committed daten of delivery is too distant they can opt to not purchase the apartment," says Rohit Gera, Managing Director, Gera Developments.
Note: All Inforamtion provided by third party source.