Rights of Buyers Under RERA ACT
Definition of Buyers:
An allottee, as per Section 2(d), includes a person who acquires the said apartment or plot through transfer or sale, but does not include a person to whom such plot/apartment is given on rent. Under Section 19 of the Real Estate Act, allottees are given the following rights and responsibilities.
Rights of Buyers
- Obtain the information relating to sanctioned plans, layout plans along with the specifications, approved by the competent authority and such other information.
- Know stage-wise time schedule of completion of the project, including the provisions for water, sanitation, electricity and other amenities
- Claim the possession of apartment, plot or building. The association of allottees shall be entitled to claim the possession of the common areas.
- Claim the refund of amount paid along with interest at such rate as may be prescribed and compensation in the manner as provided under the Act.
- Have the necessary documents and plans, including that of common areas, after handing over the physical possession of the unit
Responsibilities of Buyers
- Making necessary payments, as specified in the said agreement for sale, at the proper time and place, and shall pay the share of the registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent, and other charges, if any
- Paying interest, at such rate as may be prescribed, for any delay in payment. The interest may be reduced if mutually agreed by promoter and allottee
- Participating towards the formation of an association or society or cooperative society of allottees
- Taking physical possession of the property (apartment, plot or building) within two months of receiving the occupancy certificate
- Participating in registration of the conveyance deed of property
