The happiness of buying your first home, the moment of getting keys to your first home, the first day at your own home, is indeed special and satisfying. Isn’t it?
As a homebuyer, with the freedom to design your home as per your own choice and preferences, you also get some duties to fulfil and exclusive rights laid by RERA (Real Estate Regulatory Authority).
To know what are these rights and duties, read further.
First and foremost, before we proceed further and know the rights and responsibilities of a homebuyer, it is crucial to understand the role of RERA (Real Estate Regulatory Authority) in real estate properties.
RERA (Real Estate Regulatory Authority) promotes accountability and transparency in the real estate industry, protects home buyers from fraud, and boosts real estate investments by making it mandatory for all real estate buildings with more than 8 units or development of land to register under RERA.
Now, let’s look at the rights of homebuyers.
Rights of a Home Buyer
Right To Information
Under RERA, every homebuyer has a right to get complete information about all the projects, sanctioned plans and layout plans of a particular real estate developer so that they can make decisions wisely after reviewing and conducting extensive research.
Right to Ownership
Every homebuyer has a right to claim possession of the property after a certain period, as discussed with the builder and mentioned in the sale agreement. Also, the buyer’s association has the right to claim ownership of other common areas, as discussed with the promoter of the project.
Right to Refund
If in case a builder fails to comply with any of the RERA provisions, a homebuyer has a complete right to file a complaint against the particular regulatory authority and easily claim the compensation and the refund amount along with interest for the breach of contract. In case of a defect in property title, a buyer can claim compensation under section 18 (2) of the act.
Right to Post Possession Documents
Even after possession, there are few post-possession documents like commencement certificates that every homebuyer must claim from the developer.
Now, let’s look at the duties of a homebuyer.
Responsibilities of a Home Buyer
Along with the homebuyers, even RERA has the duty to protect the interests of the developers. The responsibilities of a home buyer are as follows:
Obtaining Physical Possession of the Unit
A homebuyer is responsible for taking physical possession of the real estate unit within two months after receiving the receipt of the occupancy certificate issued for a particular building, in order to reduce the number of unoccupied properties with the developer.
Making Timely Payments
In accordance with the time and date mentioned in the sale agreement, a homebuyer has to pay dues and payments to the developer on time and ensure a smooth payment process without much hassle. The payments are usually inclusive of maintenance, electricity charges, etc.
Participating in the Society Association
After getting settled in a new apartment and building, a homebuyer must actively participate in the formation of several society associations or a co-operative society.
To ease the process of claiming all the rights as a homebuyer and fulfilling all the responsibilities smoothly, Stead Realty is one of the leading real estate property advisors in Mumbai and Pune. With our expertise on your side, you no longer have to worry about buying or selling any real estate property, as we provide all the necessary services throughout your home-buying journey.