In accordance with Section 13 (1) of the RERA, a developer must enter into a purchase agreement with a buyer and then accept the amount of the booking. You have already paid the amount of the booking and now it is the buyer/developer`s duty to register the agreement. The conclusion of the agreement will protect the interests of purchasers, and contractors generally avoid doing so in the final stage of payment. The mandatory registration of the sale (Builder-Buyer contract) is only required after payment of the booking amount. You need to hire the best rera lawyers in India to help you solve this problem and get the necessary corrective measures. The RERA section is 11 (4) which concerns the contractor-buyer contract. Here are some of the main take-aways for you: the Builder Buyer agreement is therefore a very important legal document that you should read and understand not only before signing, but also the help of an experienced lawyer or professional to verify the same thing. Read the tips above to be fully prepared from your site. Also check dispute resolution clauses and amenities and other specifications in your home unit. Check to see if they are given to you if you have the property. The agreement will help you to require these amenities if the owner does not provide you with the same thing. The document will also help you develop your own legal rights to ask the owner for something in the event of a legal issue.
Sign the agreement once you have carefully reviewed and read it correctly. I recently bought a villa in Greater Noida. It`s under construction. I paid 10% to the owner. Now the owner asks for the next 10%, but I insisted on getting Builder Buyer Agreement registered. The owner does not register the BBA and says that the usual practice is to have BBA executed on stamp paper. If the owner disagrees, please find out if the consumer has the right to register BBA in RERA. I come from Delhi and I am now in the ditch for my service. As an INN, I need to know what I can do? Read less contractors add this clause in the agreement that allows them to increase the price of the apartment.
If the project has been delayed, this could be due to the contractor`s error. They then penalize the buyer by increasing costs and claiming that the costs of raw materials and other inputs have increased. Aside from the above, here are the most important things you should keep in mind when checking your Builder Buyer agreement: the agreement could contain a clause allowing the owner to change the number of square meters of the apartment. If he has gained weight, he calculates a supplement. “What`s changing is not the carpet area, but the super-sector,” says AnujSood, director of Sood Properties based in Noida. “You can pay 10 to 15% more at the end, while the benefit may be marginal or nil for you in terms of the extra area.” RERA has significantly changed the Indian real estate sector. Pending implementation, the agreement generally included land assets, details of authorizations/permits received, and the length of the permit at the same time as the period before the property was handed over, amenities/installations, additional penalties/payments in certain circumstances, etc. For ongoing projects, the agreement would have information on the housing/housing number, soil, wing area and costs, as well as completion time.