Underconstruction property queries
7 months ago
I want to buy an under construction property from developer however the developer has given the clause that all the legal agreements would be prepared by his advocate(including builder buyer agreement) and deed of conveyance. Is it safe to proceed?
A.Dear Client,
Before the RERA, i.e, The Real Estate(Regulation and Development) Act, 2016 came into force, builder-buyer agreements were invariably made in favour of the builders. Considering that agreement that favoured builders were a key pain point for the buyer community, the RERA tried to address this, by laying the ground rules for drafting and executing builder-buyer agreements, referred to as agreements to sale in the Real Estate (Regulation and Development) Act, 2016. An agreement for sale, according to the law, refers to an agreement entered into between the promoter and the allottee. After the RERA, builders are mandated to draft and execute the builder-buyer agreement, in line with the provisions laid under the home buyer-specific law. To safeguard one’s interest, the builder-buyer agreement for sale should be made under Sec.13(1) of RERA and as per the prescribed format under State Rules and executed between the parties and registered after payment of the booking amount. A builder-buyer agreement can also be termed as an unfair contract, if it breaches certain conditions as specified under Section 2(46) of the Consumer Protection Act, 2019. So, if the under-construction property is a registered project under RERA, then you may ask the Developer/Promoter to make out the Agreement for Sale following the mandatory provision of RERA and the model draft as prescribed by the State Rules. If the Promoter does not agree with your proposal, then reach out to the Office of RERA to file a complaint on the subject for the desired relief.
Before the RERA, i.e, The Real Estate(Regulation and Development) Act, 2016 came into force, builder-buyer agreements were invariably made in favour of the builders. Considering that agreement that favoured builders were a key pain point for the buyer community, the RERA tried to address this, by laying the ground rules for drafting and executing builder-buyer agreements, referred to as agreements to sale in the Real Estate (Regulation and Development) Act, 2016. An agreement for sale, according to the law, refers to an agreement entered into between the promoter and the allottee. After the RERA, builders are mandated to draft and execute the builder-buyer agreement, in line with the provisions laid under the home buyer-specific law. To safeguard one’s interest, the builder-buyer agreement for sale should be made under Sec.13(1) of RERA and as per the prescribed format under State Rules and executed between the parties and registered after payment of the booking amount. A builder-buyer agreement can also be termed as an unfair contract, if it breaches certain conditions as specified under Section 2(46) of the Consumer Protection Act, 2019. So, if the under-construction property is a registered project under RERA, then you may ask the Developer/Promoter to make out the Agreement for Sale following the mandatory provision of RERA and the model draft as prescribed by the State Rules. If the Promoter does not agree with your proposal, then reach out to the Office of RERA to file a complaint on the subject for the desired relief.
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A.Dear Sir,
Yes, it is in practice that they themselves prepare all the Deeds. If you are not comfortable then you need not buy such property.
Yes, it is in practice that they themselves prepare all the Deeds. If you are not comfortable then you need not buy such property.
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