The RERA Act was passed by parliament in 2016 with the aim to create an environment of fair transaction and holistic dealings between the buyer and seller of properties. With the RERA(Real Estate Regulatory Authority), India has got its first real estate regulator and the other states and union territories also have separate regulatory bodies in order to regulate real estate. Earlier, the buyers were affected by the deficient service provided by the builders and had no recourse but to approach either consumer forums or the civil courts for either claiming compensation or otherwise demanding rectifications, both of which required an innumerable amount of time. With the establishment of RERA and the act in place, the buyers are provided with instant relief. Not alone this, it has also made regulations to be followed by the builder and also laid down the rights of the buyer for further clarifications.
Section 19 of the RERA Act, 2016 provides the right of buyers/allottees under RERA. These are:
Section 19(1): Right to Obtain Information: The allottees have the right to seek information related to every detail of the purchased property such as sanctioned plans, layout plans along with the specifications, approved by the competent authority or such other information provided in the act or the rules or regulations made thereunder or forming a part of the agreement for sale signed with the promoter.
Section 19(2): Right to know the Schedule: The allottee must be aware of the stage wise time schedule of the completion of the project. These stages include water, sanitation, electricity and other amenities that are promised between the allottee and the builder.
Section 19(3): Right to claim possession of the Property: The allottee has the right to claim the possession of the property i.e. apartment, plot or building etc along with the association of allottees can claim the possession of the common areas as given under the declaration by the promoter.
Section 19(4): Right to claim Refund: The allottee has the right to claim refund along with the interest at such rate as may be prescribed along with the compensation from the promoter in case where the promoter failed to comply with or unable to give possession of the property i.e. apartment, plot, building or flat in terms of the agreement for sale.
Section 19(5): Right to claim Documents: The allottee has the right to claim the necessary documents such as plans including that of the common areas after handling of the physical possession of the property, flat, building etc.as the case may be.
The amount paid by the allottee must be stated in the MODEL AFS( Model Agreement for Sale) and must be escalation free except for the increases in statutory development costs or dues.
If there are new impositions or increase in any statutory development charges after the completion of the project including the extension of the period of the registration, the buyer will not be made liable.
There is an exclusive ownership of property by the allottee/buyer.
The buyer or the allottee have the undivided proportionate share in the common areas of the building etc.
The buyer or the allottee has the right to visit the property/ project site to have knowledge regarding the progress and development of the project.
The buyer has the right to approach RERA in case he is aggrieved by the decisions and actions of the promoter/ builder/real estate agents etc. Also, in case where there is violation of any law, rule, by-laws, regulations by these parties, the same can be filed as a complaint before RERA.
The buyer or the allottee has the exclusive right to approach RERA even if there is an arbitration clause mentioned in the Model AFS.
If the buyer/allottee is able to bring structural defects or the defect in workmanship/ quality of service in notice of the promoter within 5 years from the date of the handling of the possession, the promoter is bound to rectify the same within 30 days. IN case he fails to rectify within the time stipulated, the allottee/buyer can claim compensation.
In case there is defect in the title of the land on which the project is being developed or has developed, the allottee/buyer can claim compensation from the promoter for the loss suffered. Any such claim is not barred by any law of limitation.
The allottee/ buyer has the right to stop paying further to the promoter in case the promoter fails to achieve the desired milestone as per the model agreement for sale. IN addition, the right also extends to the termination of the agreement, in which case the promoter has to refund the full amount paid along with the rate of interest within 45 days.
In all those cases where the allottee/ buyer does not intend to withdraw from the project, the promoter has to pay the interest to the allottee/buyer for every month of delay.