Investing in a property is a significant life decision. The Real Estate (Regulation and Development) Act, 2016 (RERA) empowers you, the buyer (allottee), with crucial rights to ensure a transparent and accountable transaction. Let’s delve into the key provisions that safeguard your interests:
1. Information is Power: Right to Obtain Comprehensive Details (Section 19(1))
Gone are the days of hidden clauses and project ambiguities. Under RERA, you have the right to access a wealth of information about your property. This includes:
- Sanctioned Plans and Layouts: You can obtain a clear understanding of the approved building design and layout.
- Detailed Specifications: Know exactly what you’re getting with specifications outlining materials, amenities, and finishes.
- Agreement Transparency: The agreement for sale should be clear and free of hidden clauses.
This transparency allows you to make informed decisions and hold developers accountable for delivering what’s promised.
2. Timely Delivery: Right to Know the Completion Schedule (Section 19(2))
Delays disrupt life plans. RERA mandates developers to provide a stage-wise schedule for project completion. This includes timelines for essential services like water, sanitation, and electricity, along with promised amenities. Knowing these deadlines allows you to plan your finances and move-in date effectively.
3. Your Space, Your Possession (Section 19(3))
RERA upholds your right to possess your property upon completion. This includes:
- Individual Unit Possession: You have the right to claim ownership of your apartment, plot, or building as per the agreement.
- Common Area Access: The association of allottees can collectively claim possession of shared spaces like hallways, gardens, and amenities as promised by the developer.
Taking possession of your rightful space marks a significant milestone in your homeownership journey.
4. No More Excuses: Right to Claim Refund with Interest and Compensation (Section 19(4))
Project delays or undelivered promises shouldn’t leave you financially burdened. If the developer fails to meet their obligations as per the agreement, you have the right to:
- Claim a Full Refund: You can get back the entire amount you paid, including interest at the prescribed rate.
- Seek Compensation: You’re entitled to additional compensation for any inconvenience or losses incurred due to the developer’s non-compliance.
RERA empowers you to walk away with your finances intact if the project fails to deliver.
5. Documentation Ensures Ownership (Section 19(5))
Upon taking possession, you have the right to receive all necessary documents related to your property, including:
- Building Plans: Access detailed plans of your unit and common areas for future reference.
This documentation serves as legal proof of ownership and is crucial for maintenance or future renovations.
Beyond the Essentials: Additional Buyer Protections
RERA offers even more safeguards for your investment:
- Transparent Pricing: The Model Agreement for Sale (AFS) clearly outlines the payment structure, with escalation allowed only for statutory development charges.
- Protection from Surprise Charges: You won’t be liable for any new charges or increased statutory dues imposed after project completion.
- Exclusive Ownership: You have complete ownership rights over your purchased unit.
- Proportionate Share in Common Areas: You hold a rightful share in the ownership and usage of common areas like hallways and amenities.
- Site Visit Rights: You can visit the project site to monitor progress and ensure adherence to the agreed-upon plans.
- Direct Access to RERA: You can file complaints with RERA against the developer for any violation of the agreement or real estate regulations.
- Choice of Dispute Resolution: Even with an arbitration clause in the agreement, you have the right to approach RERA for redressal.
Peace of Mind with Quality Assurance:
- Defect Rectification: For a period of 5 years after possession, the developer is obligated to rectify any structural defects or issues in workmanship quality within 30 days of being notified. If rectification fails to occur, you can claim compensation.
- Protection Against Title Defects: In case of any issues with the land title, you can claim compensation from the developer for any losses suffered.
- Right to Withhold Payment: You can stop further payments if the developer fails to meet agreed-upon milestones. Additionally, you can terminate the agreement and receive a full refund with interest within 45 days.
- Compensation for Delays: If the developer delays possession, they are liable to pay you interest for each month of delay.
RERA empowers you to be an informed and empowered buyer. By understanding your rights and utilizing the provisions of the Act, you can navigate the complexities of buying a property in Chennai.
