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Rights and responsibilities of a real estate investor as per RERA Act
RERA Act, Real Estate Regulatory Authority Act, was enforced in 2016 to guide and supervise the real estate sector. RERA also acts as the mediator between the builders and the buyers or investors and ensures a fair deal between the parties.
In today’s post, we will discuss what are the rights and duties of the real estate investor or buyer or allottee as per the language of the Act that RERA has vested. Understanding the same is important as it will give clarity to the buyers about their own responsibility and clear grounds in case they want to raise a complaint with RERA.
WHO IS AN ALLOTTEE AS PER RERA ACT?
Section 2(d) of the RERA Act states that a person who has acquired the unit/plot through sale deed or transfer is regarded as an allottee. A person who has taken the unit/plot on rent is NOT regarded as an allottee as per the act.
The allottees or buyers are vested with certain rights as well as responsibilities as documented under Section 19 of the RERA Act.
RIGHTS OF REAL ESTATE INVESTORS AS PER RERA ACT:
As per the RERA Act, an Allottee can-
- Seek information relating to sanctioned plans, layouts plans, approvals from the competent authorities.
- Seek information on the progress towards completion and provision of basic amenities like water, electricity, sanitation.
- Demand possession of the unit allotted to him/her. The possession of the common areas is demanded by the association of allottees.
- Demand refund or compensation in case the builder makes any breach of the clause as per RERA.
- Demand access to or copies of necessary documents related to the physical handover of units and common areas.
RESPONSIBILITIES OF REAL ESTATE INVESTORS AS PER RERA ACT:
As per the RERA Act, an allottee is responsible for-
- Making payments in the proper amount, time and place as mentioned in the sales agreement.
- Sharing the other mandatory charges like registration, municipality, water, electricity, etc.
- Paying interest in case of any delayed payment as agreed upon with the developer.
- Participating information of the association.
- Taking physical possession of the unit within two months of receiving the Occupation Certificate.
- Participating in registration of the conveyance deed of the property.
Are you looking to invest in real estate? What type of property are you interested in – residential or commercial?
