RERA article gs-student.xlsx

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1				https://www.gs-student.com/
2	Sl no	Key Point	RERA guideline	Reference
3	1	Cost of the apartment	Cost of the apartment to be legible in agreement with break up and milestone payment may be in annexure	RERA agreement model, Point no 2
4	2	Mode of Payment	Should by thru RTGS/DD/Cheque, NRI Foreign payment should be as per act FEM 1999. More than 10%, no payment must be made without any agreement	RERA agreement model, Point no 3
5	3	Payment delay, penalty & compensation	Normally there will be hefty interest charges for the delayed payment from your side but at the same time, compensation for builder project delay will be meager which is unfair trade practice	It should be equal for both parties and should not be unfair trade practice. Consumer Protection act 2019, sl no 46, point ii, page 8 Also read sl no 24 of NCDRC judgment- https://indiankanoon.org/doc/57711963/?type=print
6	4	Agreement- Sale deed of UDS	Conveyeance deed must be registred along with UDS	Must be completed within 3 months of the issuance of occupancy certificate RERA act, chapter II,17
7	5	Period of completion	Completion period to be legible in agreement with grace period which is maximum upto six months Normally completion period may vary from 18 to 48 months, subjective	RERA agreement model, Point no 4
8	6	Force Majeure	Force Majeure if any must be informed by the builder in written to the allottee along with extension of time. If allottee doesn’t agree extension of time, the refund must be done within stipulated time and that time must be indicated in agreement	RERA agreement model, Point no 4 RERA act, chapter II,6
9	7	Possession	Builder to inform the allottee about the completion of the project with completion & occupancy certificate and allotte must take over within 2 months, failure of which , promoter is not responsible	RERA agreement model, Point no 4 RERA act, chapter IV, 19.10
10	8	Amenities & prospects	Must be as per commitment in brochure, notices, marketing material, model apartment and advertisements	RERA act chapter III, 12
11	9	Association	Builder must enable formation of association within a period of three months of the majority of allottees having booked their plot or apartment or building & Every allottee of the apartment, plot or building as the case may be, shall participate towards the formation of an association or society or cooperative society of the allottees, or a federation of the same	RERA agreement model, Point no 6 RERA act chapter III, 11.4.e
12	10	Maintenance cost	Allottee & Builder agrees for maintenance of amenities for specific period till handing over to association and statement of accounts to be submitted to association while handing over	RERA agreement model, Point no 6 RERA act chapter III, 11.4.d
13	11	Defects Liability	Builder should rectify the problem arising from manufacturing, design failures, workmanship till 5 years on the complaint of alottee and the complaint must be addressed by the builder within 30 days of reciept without any charges	RERA agreement model, Point no 6 RERA act chapter III, 14.3
14	12	Construction quality specifications	The builder, at the time of the booking and issue of allotment letter has to provide sactioned approval drawing, plans & specifications	RERA act chapter III, 11.3 This is mandatory for future reference
15	13	Hidden points like service apartment, lease, buyer consent	Most of the unfair trade practices will be included here in the "Consent". Builder will indicate all his legal consent in his Builder consent, however, he will include all unfair trade practices in Buyer consent like 1. he will retain some flats and use it as service apartment, 2. will lease his unsold flats (it may be intentional to lease to commercial facilities like hotel, company lodge, oyo, hostel..etc) 3. blanket approval to access his property inside the project (intentional to capitalize his property, to whom he will sell, you dont know)	Here you have to take a legal opinion from an attorney or do your own research in web. (Once you go in this apartment, you have to cost your time, money,peace, safety of family)
16	14	Progress status	The builder should submit the progress status to RERA by every quarter. If you, as a purchaser didn’t get any status, you can visit respective RERA site and refer status	RERA act chapter III, 11.1.e
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