It is very distressing experience for a homebuyer or any property buyer to see delay in flat possession. Not only is his hard earned income or savings are at risk, but he also loses his chance to get his dream home in an aera where property prices are skyrocketing. To cater to the issue of delay in transfer of possession; civil, criminal and consumer laws have been introduced to the rescue for the property buyers.
What is RERA?
The Real Estate (Regulation and Development) Act, 2016 (RERA) will finally give India’s real estate sector its first regulator from Monday, May 1, 2016. The act was passed by parliament last year and the Union Ministry of Housing and Urban Poverty Alleviation had given time till May 1, 2017, to formulate and notify rules for the functioning of the regulator. RERA seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders.
Where the property is not transferred in time i.e. the terms of contract are breached, the buyer can repudiate the contract with the seller and claim refund along with interest or damages.
Buyer can also file a consumer complaint for ‘deficiency in services’ under the Consumer Protection Act. Merely because the person is an NRI or has other properties in his name doesn’t disqualify him to fall within the ambit of the term ‘Consumer’. If the property proposed to be purchased is a residential plot, there is always a presumption that it is to be used for personal and not commercial purposes. Burden of proof is on the opposite party to prove otherwise.
The buyer can continue with the contract despite its terms being breached and can claim compensation.
Collect and prepare a file of all the required documents for a notice to your landlord or a petition. These documents will include project building certificate, builder buyer agreement, proofs of payment, and other relevant documents
We will draft a legal notice which will be served to the builder. A well-drafted notice is usually enough to get the resolution without having to go into legal proceedings.
In cases, the builder is not complying with the notice, then we have an option to go to the courts.
Period of notice/petition Usually preparation of the notice or petition entirely depends on the time taken by the lawyer to draft a notice. A notice can be drafted within a day as well. It is easier to draft a notice if all documents are properly aligned. The procedure of issuance of notice will take 7-8 days. If the matter is not sought by legal notice then it needs to be filed before RERA court. RERA court takes approx 180days for final judgment
Period of notice/petition
Usually preparation of the notice or petition entirely depends on the time taken by the lawyer to draft a notice. A notice can be drafted within a day as well. It is easier to draft a notice if all documents are properly aligned.
The procedure of issuance of notice will take 7-8 days.
If the matter is not sought by legal notice then it needs to be filed before RERA court. RERA court takes approx 180days for final judgment
1. Builder buyer Agreement
2. Valid Identity proof.
3. Payment poofs
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