What Are Your Rights As A Homebuyer Under The Rera Act And How Can You Protect Them
- Mehtab Ali
- Dec 6, 2024
- 4 min read
The Earlier Buyers, Whose Lives Were Affected By The Incomplete Service Of Builders, Could Do Nothing Except Go To Consumer Forums Or Civil Courts To Seek Either Compensation Or Corrective Action, Both Of Which Took A Long Time. The Act And The Establishment Of Rera Now Provide Direct Relief To Buyers. It Has Also Made Rules That Must Be Followed By The Builder, And The Rights Of The Buyer For More Clarity.
The Act About Real Estate Regulation And Development, Which Is Also Known As The Rera Act Enshrined In Law In 2016 Was Brought About By The Indian Parliament For The Purpose Of the Protection of Homebuyers. The Sole Purpose For Which This Act Was Aimed Was To Achieve More Transparency, Accountability, And Efficiency In Real Estate Transactions That Would Ultimately Assure The Interests Of Home Buyers And Ensure Fair Practices Among Developers.
It Is Mandatory For Each State To Form A Real Estate Regulator In Every State Under The Rera, As The Authorities Will Monitor Real Estate Projects And Enterprise Compliance While Assuring the Interests Of The Buyer.
Objective Of the Rera Act
Encourage Transparency: Builders Should Disclose Every Detail Related To Project Completion, Right From Its Layout, Through Various Stages Of Construction Till Completion Timelines.
Complete On Time: Builders Are Supposed To Finish Any Particular Project Within The Given Period; Otherwise, They Hold Themselves Liable For Penalties.
Safeguard Home Buyers: Buyers Have Many Rights, Including The Right To Information, The Right To Prompt Possession, And The Right To Reimbursement.
What Are Your Rights As A Homebuyer Under Rera Act
Right To Information: Every Allottee Is Entitled To Obtain Information About All Such Details Regarding The Property Purchased Like The Sanctioned And Layout Plans With Specifications, Approved By Any Competent Authority, Other Than Information Contained In The Act, Its Rules Or Regulations, Or As Part Of The Sale Agreement Executed With The Promoter.
Right To Know The Schedule: The Allottee Shall Be Aware Of The Stage-Wise Time Schedule Of Completion Of The Project. This Includes Phases Of Water And Sanitation, Power, And Other Facilities As Agreed Upon Between The Allottee And Builder.
Right To Refund: The Allottee Is Allowed To Request A Refund Together With The Interest At Such Rate Prescribed For That Situation, With The Compensation From The Promoter In The Event That The Promoter Fails To Comply With Or Is Unable To Give Possession Of the Property, Such As A Flat, Site, Building Or Flat, As Specified In The Sale Agreement.
Right To Claim Possession Of The Property: The Allottee Shall Have A Right To The Possession Of The Property I.E. Apartment, Plot, Or Building, Etc. Association Of Allottees Has The Right To Claim Possession Of The Common Spaces As Specified By The Promoter.
Right To Documents Claim: The Allottee Is Also Entitled To All Documents, Including Plans Of Common Areas, Once The Property, Flat, Building, Or Whatever Be The Case, Has Been Physically Transferred To The Allottee.
Right To Lodge Complaints: Rera Has Provided A Grievance Redressal Mechanism Through Which Buyers Can File Complaints Against Builders. Buyers Can Also Seek The Real Estate Regulatory Authority Or The Appellate Tribunal To Resolve Disputes.
How Can You Protect Your Right Under Rera
To Buy Any Property, You Should Do Thorough Research On The Builder's Reputation, Previous Works As Well As Compliance By This Developer To Rera Guidelines. Check For The Previous Complaints Against Them.
Check Whether The Project Is Registered With Rera And Collect Information Such As Rera Registration Number. Such Registration Brings In Liability On The Builders.
Keep Copies Of All Communications With Your Builder Such As Emails, Letters, And Notes From Meetings. This Document Can Be Very Useful During A Dispute.
Study All Agreements And Documents Related To The Purchase. Ensure That All Terms Regarding Payment Schedules, Completion Timelines, And Amenities Are Clearly Stated In The Agreement.
If There Happens Any Issue Like Delay Or Unfulfilled Promise, You Can Lodge A Complaint With Rera And Do This Promptly. It Will Help To Expedite The Resolution Process Timely.
If Things Escalate Beyond Control Or If You Think That Your Rights Have Been Violated, Speak To A Lawyer Specializing In Real Estate Law On How To Proceed Legally.
Rera Is Instrumental In Safeguarding The Interest Of House Buyers While Bringing Transparency To The Indian Real Estate Sector. The Rera Act Has Brought A Revolutionary Change In The Real Estate Sector Of India By Establishing Rights For Homebuyers And Making Transparency And Accountability Shine. It Has Empowered Buyers To Make Choices Based On Information, And It Has Put In Place A Realistic Way To Redress Grievances. It Is Very Important To Check Under Which Rera Registered Project You Are Buying Property Or Taking A Home Loan Because You Will Be In A secure and Hassle-Free Experience.
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