UNDERSTANDING THE RIGHTS OF BUYERS UNDER RERA - The Law Office of Narender Yadav

The Real Estate Regulatory Authority (RERA) was established in 2016 and began to significantly influence the real estate sector across various Indian states from 2017 onward. Its primary objective is to enhance transparency and accountability within the real estate market. RERA mandates registration for real estate projects involving more than eight residential units or land developments exceeding 500 square meters. The regulations under RERA are designed to safeguard homebuyers from unscrupulous builder practices and provide a robust mechanism for addressing any disputes that may arise.

Section 19 within Chapter 5 of the RERA Act, 2016 outlines specific rights of homebuyers or allottees, which are as follow

1. Right to Access Information ( Section 19 (1) )

One of the most crucial rights afforded to buyers under RERA is the right to information. Builders are mandated to provide comprehensive details about the project, including

• • • Project plan and specifications
    • Layout plans and approvals
    • Financial details of the project
    • Status of project completion and delivery timelines

This transparency ensures that buyers are well-informed before making any investment decisions. The RERA Advocate in Chandigarh High Court often emphasizes the importance of scrutinizing these details to avoid potential disputes.

2. Right to Know Completion Schedule ( Section 19 ( 2 ) )

RERA mandates that builders must deliver possession of the property within the stipulated time frame as specified in the agreement. In case of delays, buyers are entitled to compensation. This includes:

• Interest on Delayed Possession: Builders must compensate buyers for the delay, which is usually calculated at the prescribed rate of interest.
• Possession Delays: If the possession is delayed beyond the agreed date, buyers have the right to seek remedies under RERA.

Top RERA Lawyer in Punjab Haryana High Court highlighted that these provisions protect buyers from unjust delays and financial losses.

3. Right to Claim Property Possession ( Section 19 (3) )

Under Section 19 (3) of RERA, homebuyers have the right to claim possession of their property, including any shared or common areas, once all necessary formalities have been completed and payments have been made.

•  Homebuyers can claim possession of their property, including common areas.
• The right to possession includes access to both individual units and shared or communal spaces

This provision ensures that homebuyers receive access to both their private and shared spaces as per the terms of their purchase agreements.

4. Right to Claim Refund (Section 19 (4)) 

Homebuyers have the right to file a complaint under RERA if the builder fails to adhere to the terms outlined in the sale agreement or if the builder’s registration is suspended or revoked, leading to business discontinuation. In such cases buyers can:

• Seek a refund of the amount paid, along with interest and compensation if the builder fails to meet the terms of the sale agreement or discontinues business due to registration suspension or revocation.
• Appeal to the Appellate Tribunal for further resolution if they are not satisfied with the outcome of their complaint.

RERA provides a robust framework for homebuyers to seek refunds and compensation if builders fail to meet their contractual obligations. By leveraging these rights, buyers can ensure they are adequately compensated for any issues arising from builder defaults or regulatory actions.

5. Right to Obtain Documents (Section 19 ( 5 ) ) 

Under Section 19(5) of RERA, homebuyers have the right to obtain essential documents and plans from the developer once they receive physical possession of their property. Given below is more information about this section.

• Builders are legally required to provide these documents as part of their responsibilities under RERA. Failure to do so can lead to penalties and legal actions against the developer.
• If the developer fails to provide the required documents, buyers can file a complaint with the Real Estate Regulatory Authority (RERA) or seek legal recourse through the Appellate Tribunal.

Overall, Section 19(5) of RERA ensures that homebuyers receive all necessary documentation upon taking possession, thereby safeguarding their interests and facilitating a smooth transition into their new homes.

Conclusion

So, the introduction of RERA has been a real game-changer for home buyers. It’s like having a superhero on your side, making sure you’re not left in the dark or taken for a ride by builders. With RERA in place, you get a bunch of protections that keep you safe from any builder shenanigans and ensure everything is on the up and up when it comes to real estate deals.

Now, here’s the thing – RERA can be a bit of a maze to navigate. That’s where the best RERA advocates come in. These folks are like your trusty guides, helping you make sense of all the legal mumbo jumbo and making sure your rights are fully protected. They can really make a difference in how smoothly your real estate journey goes.

So, by getting a good grip on your rights and knowing how to use them, you can safeguard your investment and make sure everything goes off without a hitch. And having the Top Lawyer in Chandigarh by your side serves as the cherry on top. It’s all about being informed and proactive, and with RERA and the right advocates by your side, you’re in good hands!