The Real Estate (Regulation and Development) Act, 2016 (RERA) was passed to protect the interests of home buyers and promote transparency in the real estate sector. One of the key requirements under RERA is to have an agreement for sale in a prescribed format.
The RERA agreement for sale format contains specific clauses that must be included to ensure that home buyers are fully aware of all aspects of the property they are buying. The agreement must be executed on a stamp paper of an appropriate value and registered with the concerned authority.
Some of the key clauses that must be included in the agreement for sale under RERA include:
1. The description of the property, including details such as the carpet area, built-up area, and super built-up area.
2. The price of the property and the payment schedule, including any installment dates.
3. Any additional charges such as maintenance fees, parking charges, and club membership fees.
4. The timeline for possession of the property and any penalty clauses in case of delay.
5. Details of the specifications of the property, such as fittings, fixtures, and finishes.
6. Any warranties or guarantees that the developer is providing for the property.
7. The consequences of non-payment or default by the home buyer.
8. Any dispute resolution mechanisms that have been agreed upon.
9. The rights and obligations of both the developer and the home buyer.
By having a standard agreement for sale format under RERA, home buyers can be assured that they are purchasing a property that meets all legal requirements. It also protects them from fraudulent developers who may try to lure them with false promises or misleading information.
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In conclusion, the RERA agreement for sale format is an important document that ensures transparency and protects the rights of home buyers. It is essential that all developers comply with the prescribed format to ensure that their projects are legally compliant and provide a safe and secure investment for home buyers.