Timely completion of housing projects and on time delivery of apartments to home buyers by builders has been made the essence of the agreement to be signed between the builder and home buyers under the Real Estate (Development & Regulation) Act, 2016.
This has been explicitly incorporated in the draft Agreement for Sale Rules, 2016 under the Real Estate Act for the five union territories of Chandigarh, Andaman & Nicobar Islands, Daman & Diu, Dadra and Nagar Haveli and Lakshadweep that has been approved by the Minister of Housing & Urban Poverty Alleviation Venkaiah Naidu.
Builders are now required to clearly indicate the date of delivery of possession to the buyer in the agreement itself. However, there is a provision for extension of this date in case of delays caused due to war, natural disasters / acts of God.
Home buyers, on their part, would be required to ensure timely payments.
More from the Draft Agreement for Sale Rules, 2016:
1. There shall be a clear mention in the agreement of the date of grant of commencement certificate, clear land title giving the area of project and Khasra numbers, number of storeys and plots in the project, carpet area and common area, share of allottee in common area, total price etc.
2. Total price will include cost of land, cost of construction of apartment and common areas, internal and external development charges, taxes, cost of electric wiring and fire-fighting equipment.
3. Total price would be escalation free except when development changes are altered.
4. In case of any loss caused to the buyer due to a defective land title, the builder would have to pay compensation to the buyer.
In an age when projects are mushrooming by the dozens in cities across the country, it is essential that buyers remain aware of their rights in matters of property transactions. It is always a better idea to transact with reputed builders that adhere to ethical business practices.
Adani Realty is committed to providing clear properties to their customers. We aim to provide the highest level of customer service and to ensure that every home is delivered on or before time. With our prestigious Western Heights Property in Mumbai, we were recently proud to announce before time fit-outs for our apartments.