Buying a home isn’t just about paying the purchase price and waiting for possession. The Real Estate (Regulation and Development) Act, 2016 gives you the right to access important project information, seek remedies for delays and receive key property documents. At the same time, you must meet your financial and legal obligations under the agreement for sale.Section 19 of the Act outlines the rights and duties of allottees, commonly referred to as homebuyers. The provision aims to establish greater transparency while defining the responsibilities that buyers must fulfil during and after the property transaction.
Right to access project information and the completion timeline
An allottee has the right to obtain information related to the sanctioned building plans, project layout, and specifications approved by the competent authority. Buyers can also seek other information provided under RERA, its rules and regulations, or the agreement for sale signed with the promoter.This allows you to verify whether the project is being developed according to the approved plans and the commitments made by the developer.In order to better understand the timeline of construction, you have the right to receive a stage-wise schedule for the completion of the project. This includes information about provision of water, sanitation, electricity, and other amenities mentioned in the agreement.
Right to possession, refund and compensation
You can claim possession of the apartment, plot or building in accordance with the promoter’s declaration and the terms of the agreement for sale. Similarly, the association of allottees can claim possession of the project’s common areas.However, as per the act, you may be entitled to seek a refund of the amount paid, along with applicable interest and compensation if the promoter fails to provide possession as agreed upon.This may also apply when the developer is unable to hand over the property because its registration has been suspended or revoked, resulting in the discontinuance of its business.
Right to receive property documents
After handing over the property, the promoter must provide you with necessary documents and plans related to the apartment, plot or building, including documents related to the project’s common areas.Such records are important for ownership, future transactions and the management of the housing project.
Duties and financial responsibilities of homebuyers
While giving multiple rights, Section 19 also places several obligations on allottees. A buyer who has entered into an agreement for sale must make payments according to the schedule and terms specified in the agreement.You may also be required to pay your share of registration charges, municipal taxes, water and electricity charges, maintenance fees, ground rent and other applicable charges. Delays in making these payments may result in interest at the prescribed rate. However, the obligations or interest liability may be reduced if the promoter and allottee mutually agree to do so.Additionally, every allottee must participate in the formation of an association, society or co-operative society of allottees, or a federation where applicable.You are required to take physical possession of your apartment, plot or building within two months of the issuance of the occupancy certificate.Furthermore, allottees must participate in the registration of the conveyance deed as provided under the Act. The conveyance deed is an important document for transferring legal title and ownership rights.
