RERA – Fastest way of determining Rights of Home Buyers

RERA Authorities have proved itself as a Fastest Forum of delivering judgements in favour of Home Buyers in various states. The time bound approach being adopted by various RERA Authorities, is increasing the confidence of home buyers and sentiments of Real Estate Industry.

Delayed penalty of 10.45% (i.e. SBI lending rate + 2% ) is higher than interest rate of 8-9% being awarded by NCDRC within 4-5 months of time is really a big relief for home buyers.

Now Home Buyers can enjoy following rights against the Builders:-

1. Right to Information related to sanctioned plans, layout plans etc.

2. Right to know stage-wise time schedule of completion of the project, including the provisions for water, sanitation, electricity and other amenities and services etc.

3. Right to get Possession of flat and common Area:- The allottee shall be entitled to claim the possession of apartment and the association of allottees shall be entitled to claim the possession of the common areas.

4. Right to Get Refund:- The allottee shall be entitled to claim the refund of amount paid along with interest at such rate as may be prescribed and compensation.

5. Right to get Documents, Plans, common area after handing over the physical possession of the apartment.

6. Right to participate towards the formation of an association or society or cooperative society of the allottees, or a federation.

7. Right to get physical possession within two months of the occupancy certificate issued for the apartment.

8. Right to get registration of conveyance Deed of the apartment, plot or building.