The agreement stipulates that the owner will offer ownership of the apartment (usually) within 36-42 months from the start of construction. Note that it is not said that the property is offered within the specified time from the date of the “booking.” The start of the work is entirely at the discretion of the owner. Some developers take the liberty of considering construction after the completion of the excavation work. The agreement could contain a clause allowing the owner to change the number of square metres of the apartment. If he has gained weight, he calculates a supplement. “What`s changing is not the carpet area, but the super-sector,” says AnujSood, director of Sood Properties based in Noida. “You can pay 10 to 15% more at the end, while the benefit may be marginal or nil for you in terms of the extra area.” The agreement stipulates that if the buyer has delays in paying a tranche, there is interest to be paid. The costs could be significant – up to 18-24% increase per quarter. The developer may even include a clause stating that if you delay payment beyond one point, he reserves the right to cancel your allowance and that you risk losing serious money that could go up to 20-25% of the total cost. The balance will be refunded to you without interest.
After the introduction of RERA, the agreement between the owner and the buyer must have clearly defined all possible terms and conditions in the agreement. All RERA-registered projects should list the same projects. Both parties must now ensure that the agreement complies with the rules established by RERA and that the project is also registered under RERA. There are many things you need to keep in mind when buying a home. The agreement between the buyer and the owner is such a thing. It`s the only document that protects your own rights, so you should read it carefully to be clear about everything from the start. This is one of the most important legal documents for every home buyer. This contract has all the necessary conditions that buyers and contractors must respect based on their objectives. The terms and conditions mentioned in this document also protect your rights as a buyer, so you do not overlook the importance of these.