Prior to RERA, Maharashtra was governed by Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management, Transfer) Act 1963 (MOFA). The MOFA contains Section 4A, which provides that the letter of award issued by the contracting authority may be applied to the developer, notwithstanding the provisions of the Indian Registration Act. Final Certificate: The final certificate is issued by the municipal authorities, according to which the completed house/apartment/unit conforms to the approved plans and corresponds to them. In the owner-buyer contract, it should be mentioned that the contracting authority is required to present the certificate of completion when handing over the property. The agreement stipulates that the client will offer ownership of the apartment (usually) within 36-42 months of the “start of construction”. Please note that it is not indicated that the property will be offered within the time limits indicated from the date of booking. The start of the work is left to the discretion of the contracting authority. Some developers take the liberty of considering the start of work after the completion of excavation work. The agreement stipulates that if the buyer is in arrears in the payment of a tranche, interest is also payable. The load could be high – up to 18-24% per quarter. The developer can even insert a clause that states that if you delay payment beyond one point, he reserves the right to cancel your allowance and you may have to lose the serious money that can reach 20-25% of the total cost. The balance will be refunded to you without interest. Beyond the above, here are the most important things to keep in mind when reviewing your owner-buyer contract: the MAHARERA court concluded that the letter of assist also allows buyers to request from the owner a refund of the apartment booked with interest in accordance with section 18 of the RERA Act 2016.
A practical situation also arises that defaulting owners often do not show up to register a formal sales contract. A separate complaint must be filed by allotte to refer the authorities to the contracting authority in order to register a formal agreement for sale. Until this has been done, the buyer would not be able to assert the interests and possession of the entity if the authorities` interpretation is accepted. This will involve a whole series of RERA cycles, which is not the intention of this welfare legislation. First, some contracts awarded by Maharera considered that the complainant buyer was not entitled to lodge a complaint on the basis of the above-mentioned allocation letter in the absence of an officially registered “purchase agreement”. It was found that the exercise of an article 18 claim imposes a “contract of sale” as a precondition before interest can be granted to the buyer of the dwelling. To understand Maharera`s point of view, it would be advisable to take into account the aforementioned section: Setting up the building: The installation of the building must be included in the owner-buyer agreement, as it can be used as evidence in case of dispute over the modification of the plan by the contracting authority. The integration of construction plans serves as confirmation by both the client and the buyer when they sign the contract. There are a lot of things you need to keep in mind when buying a home. The agreement between the buyer and the client is such a thing. It is the only document that protects your own rights, and so you should read it in depth to be clear about everything from the beginning.
This is one of the most important legal documents for every home buyer. This contract is signed in22222222200000 conditions that must satisfy both buyers and project owners. The conditions set out in this document also protect your own rights as a buyer, so you do not overlook the importance of these….