+91-22-20872233

Blog

Rights and responsibilities of a real estate investor as per RERA Act

Mar , 23
Rights and responsibilities of a real estate investor as per RERA Act

RERA Act, Real Estate Regulatory Authority Act, was enforced in 2016 to guide and supervise the real estate sector. RERA also acts as the mediator between the builders and the buyers or investors and ensures a fair deal between the parties. 

In today’s post, we will discuss what are the rights and duties of the real estate investor or buyer or allottee as per the language of the Act that RERA has vested. Understanding the same is important as it will give clarity to the buyers about their own responsibility and clear grounds in case they want to raise a complaint with RERA.

WHO IS AN ALLOTTEE AS PER RERA ACT?

Section 2(d) of the RERA Act states that a person who has acquired the unit/plot through sale deed or transfer is regarded as an allottee. A person who has taken the unit/plot on rent is NOT regarded as an allottee as per the act.

The allottees or buyers are vested with certain rights as well as responsibilities as documented under Section 19 of the RERA Act.

RIGHTS OF REAL ESTATE INVESTORS AS PER RERA ACT:

As per the RERA Act, an Allottee can-

  1. Seek information relating to sanctioned plans, layouts plans, approvals from the competent authorities.
  2. Seek information on the progress towards completion and provision of basic amenities like water, electricity, sanitation.
  3. Demand possession of the unit allotted to him/her. The possession of the common areas is demanded by the association of allottees.
  4. Demand refund or compensation in case the builder makes any breach of the clause as per RERA.
  5. Demand access to or copies of necessary documents related to the physical handover of units and common areas.

RESPONSIBILITIES OF REAL ESTATE INVESTORS AS PER RERA ACT:

As per the RERA Act, an allottee is responsible for-

  1. Making payments in the proper amount, time and place as mentioned in the sales agreement.
  2. Sharing the other mandatory charges like registration, municipality, water, electricity, etc.
  3. Paying interest in case of any delayed payment as agreed upon with the developer.
  4. Participating information of the association.
  5. Taking physical possession of the unit within two months of receiving the Occupation Certificate.
  6. Participating in registration of the conveyance deed of the property.

Are you looking to invest in real estate? What type of property are you interested in – residential or commercial?

Post a comment

Your email address will not be published. Required fields are marked *

7 Best investment options in India AI IN REAL ESTATE Artificial Intelligence Benefits of indoor plants in the office benefits of investing in commercial real estate benefits of rental property best degree for real estate investing best places to invest in navi mumbai best real estate stocks Best Residential Property Investment buy commercial property buy corporate office space buy home as per vastushastra buy office spaces Buyers' payments and its utilisation as per RERA Act buying a new home buying homes in India calculate square foot of house cement sector challenges facing in cement sector in 2021 closing costs for commercial property co-operative housing societies laws Commercial Office Space commercial property commercial property for sale commercial property lease commercial real estate Commercial Real Estate 2021 commercial real estate closing commercial real estate for sale commercial real estate in Navi Mumbai commercial real estate in Vashi commercial real estate investment commercial rental property Commercial Residential Property commercial space for sale commercial workplaces corporate office space corporate office space in Navi Mumbai corporate office space in Vashi corporate park in navi mumbai corporate park in vashi Covid-19 impact on Indian Real Estate customized villa in khandala customized villa in lonavala Cyber works Greenscape Group CYBERCODE Greenscape Group digital real estate investment platform DRONE REVOLUTION IN REAL ESTATE INDUSTRY eco-friendly home designs energy consumption for commercial buildings energy efficiency in office buildings Eternia Greenscape Group factors affecting real estate market factors affecting real estate market in India future of digital real estate future of real estate gen z in the workplace 2022 greenscape developers greenscape group Greenscape Group Meraki greenscape navi mumbai Greenscape Realty greenscape vashi GS Royale Greenscape Group Gudi Padwa 2022 guide to buy a second home in india 2021 hedge fund collapse 2021 home design trends to look out for in 2022 home improvements to increase value homeowners association rules housing societies how to plan for second home impact of technology in real estate India real estate market India real estate market 2020 Indian Real Estate Market 2021 indoor office plants invest in real estate stocks KNOW HOW TO INCREASE THE VALUE OF YOUR HOME La Vista Greenscape Group leasing a commercial property legal documents for property lucky plants for office desk luxurious office spaces of Navi Mumbai luxury property Luxury Real Estate luxury villas Maharashtra Rent Control Act measuring tips for square feet of a house most expensive house in india Office Design Tips for Better Mental Health office space for sale office space in navi mumbai office space in vashi office space trends open concept house design post pandemic Real Estate Investment premium Indian home buyers premium real estate company problems with millennials in the workplace Property E-Registration in Maharashtra property investment property listings in real estate portals property sells Real estate agent in India real estate company real estate company in navi mumbai real estate company in vashi real estate growth in India real estate india real estate institution real estate investment companies Real Estate Investment in India real estate investment India real estate investment schemes real estate investment tips Real Estate Investments real estate investor real estate license benefits real estate market Real Estate news real estate portals real estate prices real estate project real estate projects real estate properties for sale real estate property real estate property in Navi Mumbai real estate property in Vashi Real Estate Regulatory Authority real estate rules real estate statistics in india real estate to invest in 2021 Real estate Trends Real Estate updates rent control act rental property investment RERA Act Residence Company in Mumbai Residential and Commercial Property Residential Flats Residential or Commercial Residential Properties Residential Property into Commercial One residential property investment rules and regulations for rental property screen tenants for rental properties Stamp duty and registration charges in Navi Mumbai Technocity Greenscape Group technology template The Affaires Greenscape Group The Residence Greenscape Group The Springs Greenscape Group tips for eco-friendly home tips for interior design TIPS TO BOOST ROI FOR YOUR COMMERCIAL REAL ESTATE Tips to create a Zen Corner in your home title Top Interior Design Trends of 2022 trends in real estate market twitter unique office plants v vastu tips vastu tips for apartment vastu tips for flat vastushastra vastushastra for home villa for sale weekend home destinations near Navi Mumbai What is Virtual Real Estate what motivates millennials in the workplace work from home workplace for millennials WORKPLACE TRENDS POST-PANDEMIC Workspace Tips for Better Mental Health ZERO-RENTAL FLATS