On registration, the promoter shall upload details of the project on the website of the RERA including the number and types of properties for sale, and quarterly updates on the status of the project. In addition, the promoter must make the site and layout plans of the project, and the schedule of completion of the project available to the buyer.
In case a buyer incurs a loss because of false advertising, and wishes to withdraw from the project, the promoter must return the amount collected, with interest.
70% of the amount collected for the project from buyers must be used only for construction of that project. The state government can change this amount to less than 70%. The promoter shall not accept more than 10% of the total cost of the property as an advance payment without entering into a written agreement.
The promoter shall: (a) obtain a completion certificate from the relevant authority, (b) form an association or society of buyers, and (c) provide essential services till the association of buyers takes over the maintenance of the project. If the promoter is unable to give possession of the property, he shall be liable to return the amount received by him for the property, with interest.
The allottee to obtain stage-wise time schedule of project and claim possession as per promoter declaration. He is also entitled to refund with interest and compensation for default by the promoter. On their part, allottees must make payments and fulfil responsibilities as per agreement.
The buyer must make required payments within the term specified in the agreement signed with the promoter. He will be liable to pay interest for any delay in payment. Buyers must participate towards the formation of an association/society/cooperative society.
The Author Advocate Mr.K.P.Satish Kumar M.L. is the leading civil lawyer in Chennai.
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