Rights Of Buyer Under RERA-In recent years, the Real Estate (Regulation and Development) Act, 2016 (RERA) has significantly altered the landscape of the real estate sector in India. One of the primary objectives of RERA is to protect the interests of homebuyers and promote transparency, accountability, and efficiency in the real estate market. Understanding the rights conferred upon buyers under RERA is crucial for ensuring a smooth and secure real estate transaction. In this blog post, we’ll delve into the rights granted to buyers under RERA, with insights provided by LegalEye Firm, a leading authority in real estate law.
Rights Of Buyer Under RERA
Right to Transparent Information: RERA mandates developers to register their projects with the respective state’s Real Estate Regulatory Authority. As a buyer, you have the right to access comprehensive information about the registered project, including details about the developer, approvals, project layout, timeline, and financial statements, in accordance with RERA laws. LegalEye Firm emphasizes the importance of thoroughly examining these documents to make an informed decision.
Right to Timely Possession: Buyers are entitled to timely possession of the property as per the terms agreed upon in the sale agreement. RERA stipulates strict timelines for project completion, and developers are obligated to adhere to these timelines. In case of delays, buyers have the right to seek compensation for the period of delay, as per the provisions of RERA. LegalEye Firm advises buyers to meticulously review the possession clauses in the agreement to safeguard their interests.
Right to Quality Construction: RERA mandates developers to maintain the quality of construction as per the prescribed standards and specifications. Buyers have the right to expect that the property they purchase adheres to these standards. In case of any defects or deficiencies in construction, buyers can seek redressal through RERA authorities. LegalEye Firm stresses the importance of conducting thorough inspections during the construction phase and documenting any discrepancies.
Right to Grievance Redressal: RERA provides for the establishment of Real Estate Regulatory Authorities (RERAs) at the state level to address grievances and disputes between buyers and developers. Buyers have the right to file complaints with the respective RERA in case of any violations of RERA provisions or breach of terms by the developer. LegalEye Firm offers expert legal guidance and representation to buyers seeking redressal through RERA mechanisms.
Right to Transparency in Transactions: Under RERA, developers are required to maintain separate bank accounts for each project and utilize the funds exclusively for that project’s development. Buyers have the right to demand transparency in financial transactions related to the project and can access information about the utilization of funds. LegalEye Firm emphasizes the importance of monitoring financial transactions to ensure compliance with RERA regulations.
Conclusion:
Rights Of Buyer Under RERA-The Real Estate (Regulation and Development) Act, 2016, empowers buyers with various rights aimed at safeguarding their interests and promoting transparency in real estate transactions. LegalEye Firm, with its expertise in real estate law, provides invaluable assistance to buyers in navigating the complexities of RERA compliance and securing their rights. By understanding and exercising these rights effectively, buyers can embark on their real estate journey with confidence and assurance, with the support of experienced civil lawyers specializing in real estate matters.
