Decoding RERA: Your Rights and Responsibilities as a Homebuyer

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Understanding your rights and duties as a homebuyer under the Real Estate Regulatory Authority (RERA) is crucial for a smooth and transparent real estate transaction. The RERA Act, implemented in 2017 across all Indian states, aims to bring transparency to the real estate market and protect the interests of homebuyers. This informative guide sheds light on the rights and duties conferred upon homebuyers by the RERA Act, providing insights into the legal framework that governs real estate transactions in India.

Rights of Homebuyers:

1. Right to Obtain Information: Homebuyers have the right to obtain comprehensive project information, including sanctioned plans, RERA registration number, and approved specifications.

2. Right to Claim Possession: Homebuyers possess the right to claim possession of the real estate property, encompassing common areas, upon completion of formalities and payment.

3. Right to Know Completion Schedule: Homebuyers are entitled to know the stage-wise time schedule for project completion, including provisions for water, electricity, sanitation, and other amenities.

4. Right in Case of Defects: In the event of structural defects or issues within 5 years of possession, homebuyers have the right to demand correction without incurring extra costs.

5. Right to Have Documents: After receiving physical possession, homebuyers have the right to obtain all related documents and plans, ensuring transparency in the transaction.

6. Right to Claim a Refund: Homebuyers can file a complaint under RERA and claim a refund, compensation, and interest if the builder fails to comply with the agreement terms.

Duties of Homebuyers:

1. Duty to Make Payment: Homebuyers must fulfill their duty to make necessary payments within the stipulated time, covering the principal amount and associated charges.

2. Duty to Research: It is the responsibility of homebuyers to conduct thorough research, even on RERA-registered projects, to make informed decisions and mitigate risks.

3. Duty to Participate in Registration: Homebuyers are obliged to actively participate in the registration process of the conveyance deed for the real estate property.

4. Duty to Pay Interest: In case of payment delays, homebuyers must pay interest, though the amount can be mutually agreed upon with the developer.

5. Duty to Take Possession: Homebuyers are duty-bound to take physical possession of the property within 2 months of receiving the Occupancy Certificate.

6. Duty to Form Association of Buyers: The final duty involves home buyers participating in the formation of an association to advocate for the welfare of residents.

Conclusion:

The RERA Act aims to create a balanced and transparent real estate market by outlining the rights and duties of both homebuyers and developers. While homebuyers enjoy significant rights ensuring information, possession, and protection against defects, they also bear responsibilities to facilitate a fair and informed real estate transaction. This legal framework not only empowers homebuyers but also contributes to the overall regulation of the real estate sector in India.