You are here: Home >> English News & Features >> Mumbai

The mandatory norms

DNMUM391548 | 7/1/2017 | Author : Aradhana Bhansali | WC :351 | Business & Economy

Policy Insights: Simplified provisions of RERA for home buyers along with their key responsibilities
DNA PROPERTY
RERA makes it mandatory for the promoters to enter details on the website of the authority which can be accessed by the home buyers on one click. A promoter is not permitted to accept more than 10% of the cost of the apartment as advance payment or an application fee from a person without entering into a written registered agreement for sale.
The buyer is given five years’ time from the date of possession to call upon the promoter to rectify all such notified defects without further charge within a period of 30 days. In the event of promoter’s failure to rectify such defects within the stipulated time, the aggrieved allottees shall be entitled to complaint to the Authority and receive appropriate compensation as well.

Responsibilities
Section 18(1) of RERA provides that if a promoter fails to give possession of the flat/ apartment on the terms and the time period in the agreement between them, then such a promoter becomes liable to return the amount received by him in this respect with interest at such rate as is prescribed under the rules including compensation.
The promoter shall also compensate the allottees in case of any loss caused to him due to defective title of the land, on which the project is developed in the manner as provided under RERA and the claim for compensation shall not be barred by limitation provided under any law for the time being in force.
RERA warns home buyers to be diligent and makes them accountable for their default. Section 67 provides that in case an allottee defaults against the direction of the Authority, he shall be liable to a penalty for the period during which such default continues, which may cumulatively extend up to 5% of the building cost as determined by the Authority. Further, Section 68 provides that if any allottee fails to comply with, or contravenes any of the orders or directions of the Appellate Tribunal, as the case may be, he shall also be criminally liable along with fines.


Aradhana Bhansali, Partner, Rajani Associates




Copyright restricted. Under license from www.dnasyndication.com
Add To Lightbox
Calculate Price

Associated Content with this story:

Sanjay Bhatia
DNMUM402758
Add To Lightbox
Calculate Price
Shahid Balwa
DNMUM315948
Add To Lightbox
Calculate Price
Uday Dharmadhikari
DNMUM242151
Add To Lightbox
Calculate Price
Ashok Menon
DNMUM198350
Add To Lightbox
Calculate Price
Suresh Haware
DNMUM182645
Add To Lightbox
Calculate Price

More on Mumbai

Kangana summoned for brokerage issue
DNMUM420588 | 8/19/2018 12:00:00 AM | Author : Varun Singh | WC :390

A real estate broker recently approached the Khar Police complaining against actor Kangana Ranaut, her sister Rangoli and other staff. The complainant alleged that the actor hadn’t paid him the complete consideration towards the brokerage. Ranaut, in
Add To LightboxCalculate Price

Besides awareness, hospitals must start identifying potential donors
DNMUM420589 | 8/19/2018 12:00:00 AM | Author : Anagha Sawant | WC :237

As per the state’s organ transplant body, awareness level is just one factor of organ donation. The gap between the demand and supply will always increase and decrease. There are various other factors involved which still need to be set up.
Accord
Add To LightboxCalculate Price

More opting for organ donation
DNMUM420590 | 8/19/2018 12:00:00 AM | Author : Anagha Sawant | WC :197

Recently, the 32nd organ donation was done in the city when life-saving organs of a diamond factory worker Suresh Panchal (46), was donated by his family after he suffered a brain stroke and was declared brain dead on August 15. According to Panchal’
Add To LightboxCalculate Price

MMRDA can’t start Monorail service with only 3 trains
DNMUM420591 | 8/19/2018 12:00:00 AM | Author : Mehul R Thakkar | WC :344

While Mumbai Metropolitan Region Development Authority (MMRDA) has announced the re-start of Monorail services between Chembur and Wadala from September 1, only three trains out of the total nine are available, in reality. The MMRDA hopes to get at l
Add To LightboxCalculate Price