[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian real estate news to share with you which is as undermentioned.|
The builder-buyer agreement is a very important legal document for home buyers. It is a contract which contains all the terms and conditions which have to be complied by both the buyer and the builder. While buying property, whether for personal use or as an investment, the builder-buyer agreement is important from the legal perspective as well. Buyers must read this document carefully as the terms and conditions mentioned will help to ensure that your rights are protected and you get what you have paid for. This agreement can empower you to stand up for your rights at any legal or non-legal forum.
Before the Real Estate Regulation and Development Act (RERA) came into force, primary issues related to the title of land on which the project was to be built; whether all relevant permissions and clearances had been obtained and if not, what was the time-frame within which this was to be done, the expected time before possession was to be handed over; the amenities and facilities to be provided, any additional payments or penalties which may be payable in certain situations, all these needed to be specifically mentioned in the agreement. Also, for under-construction projects, details of the unit ie flat/apartment number/floor, wing area, and cost of the same – along with a time frame – was also a part of the agreement.
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Have a nice day.