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Lockin Period As Per RERA Norma
9 months ago
Is it compulsory according to RERA in Bangalore, for the builder/developer to provide a lockin period for new apartment development in the Sale Agreement to the buyer.
A.Dear Client,
A Builder Buyer Agreement is actually the 'Agreement for Sale'. The Builder Buyer Agreement certifies the concerned property is transferred in the name of the new owner, and this transfer is subject to mutually acceptable terms and conditions. The Builder Buyer Agreement governs the entire sale of the property. It includes clauses, annexures, conditions, and peculiarities about the sale or transfer of property. The RERA Act clearly defines that there should be no ambiguity in the conditions and clauses, and every detail must be spelled out in clarity in the Builder Buyer Agreement. A clause of lock-in period for new apartment development in the Sale Agreement is contrary to the interest of the Buyer so it is not permissible under RERA. However, despite the intervention of RERA, the Builder Buyer Agreement across India does not have a standard format. Builders kept adding clauses favoring the builders and made the document one-sided. So, a buyer should take care of his interest in the BBA and bring the matter which appears to be contrary or against the interest of the Buyer to the notice of RERA.
A Builder Buyer Agreement is actually the 'Agreement for Sale'. The Builder Buyer Agreement certifies the concerned property is transferred in the name of the new owner, and this transfer is subject to mutually acceptable terms and conditions. The Builder Buyer Agreement governs the entire sale of the property. It includes clauses, annexures, conditions, and peculiarities about the sale or transfer of property. The RERA Act clearly defines that there should be no ambiguity in the conditions and clauses, and every detail must be spelled out in clarity in the Builder Buyer Agreement. A clause of lock-in period for new apartment development in the Sale Agreement is contrary to the interest of the Buyer so it is not permissible under RERA. However, despite the intervention of RERA, the Builder Buyer Agreement across India does not have a standard format. Builders kept adding clauses favoring the builders and made the document one-sided. So, a buyer should take care of his interest in the BBA and bring the matter which appears to be contrary or against the interest of the Buyer to the notice of RERA.
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A.Dear Client,
According to RERA in Bangalore, it is compulsory for builder to provide a lockin period for new apartment development in the Sale Agreement to the buyer
According to RERA in Bangalore, it is compulsory for builder to provide a lockin period for new apartment development in the Sale Agreement to the buyer
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