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DUTIES OF HOMEBUYER UNDER RERA


 

DUTIES OF HOMEBUYER

Under the Real Estate (Regulation and Development) Act (RERA), buyers, also referred to as allottees, have certain duties and responsibilities. These duties are aimed at ensuring transparency, fairness, and compliance in real estate transactions. Here are some of the key duties of buyers under RERA:

1.    Verification of Project: It is the duty of the buyer to verify the details of the real estate project before making a purchase. This includes checking the registration status of the project with the respective state's RERA authority, reviewing the project's plans, specifications, approvals, and other relevant documents.

2.    Payment of Consideration: The buyer is responsible for making timely payments as per the agreed terms and conditions of the sale agreement. This includes payment of the purchase price, instalments, and any other charges or dues as specified in the agreement.

3.    Compliance with Agreement: The buyer must comply with the terms and conditions of the sale agreement and other contractual obligations. This includes providing necessary documents, information, and cooperation required for the completion of the transaction.

4.    Reporting Non-Compliance: If the buyer becomes aware of any non-compliance or violation of RERA provisions by the promoter or developer, it is their duty to report the same to the respective state's RERA authority. This helps in ensuring that the regulatory authority is aware of any irregularities or violations in the project.

5.    Seeking Information: Buyers ought to seek and obtain information from the promoter regarding the project, such as updates on the construction progress, completion timeline, and any changes or modifications in the project plans.

6.    Timely Occupancy: Once the project is completed and possession is offered by the promoter, it is the buyer's duty to take timely possession of the property and complete the necessary formalities related to the transfer of ownership.

7.    Cooperation in Conciliation: In case of any dispute or disagreement with the promoter, the buyer has a duty to cooperate in the conciliation process as provided under RERA. This involves participating in conciliation meetings, providing relevant information, and attempting to reach a mutually agreeable resolution.

It is important for buyers to understand their rights and obligations under RERA and to act in a responsible and diligent manner while engaging in real estate transactions. It is advisable for buyers to review the specific provisions of RERA applicable in their respective state and seek legal advice, if needed, to ensure compliance with the duties and responsibilities outlined under the Act.

ADV LEENA KAULGEKAR

 

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