Buying a home? Know your rights and responsibilities under RERA
The Real Estate (Regulation and Development) Act (RERA) of 2016 provides homebuyers in India with specific legal rights, including access to project information and remedies for construction delays. Buyers are also reminded of their own financial and legal obligations under the act.
Why it matters
Understanding these regulations is crucial for Indian homebuyers to protect their investments and ensure transparency in property transactions.
Buying a home isn’t just about paying the purchase price and waiting for possession. The Real Estate (Regulation and Development) Act, 2016 gives you the right to access important project information, seek remedies for delays and receive key property documents. At the same time, you must meet your financial and legal obligations under the agreement for sale.Section 19 of the Act outlines the rights and duties of allottees, commonly referred to as homebuyers. The provision aims to establish greater transparency while defining the responsibilities that buyers must fulfil during and after the property transaction.Right to access project information and the completion timelineAn allottee has the right to obtain information related to the sanctioned building plans, project layout, and specifications approved by the competent authority.
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