Realty Rules That Homebuyers Need To Know

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Realty Rules That Homebuyers Need To Know
Mar 2018
EMTY RULES THAT HCJjVJE BUYERS
In Green Homes
The realty low has made it pretty tough for the
defaulters to escape. The developers, however,
are not the only defaulters. Numerous times, the
home buyers delay the payments making it a lot
though for the developers as well. Also, there
are provisions in the law that talk about the
duties of the home buyers.
Penalty to be paid at 10
As per the latest reports, the realty regulator
in Madhya Pradesh has said that it has actually
fixed the penalty at 10 interest for both the
developers and the home buyers. This is somewhat
2 more than the SBI's Marginal Cost of Funds
Based Lending Rate. Numerous other states are
said to be expected to follow the suit. This has
encouraged the home buyers to invest as
previously earlier for delayed payment stood to
anywhere between 12-18 while developers
responsible for the delay amounted to Rs 5-10 per
square feet. The disparity that is cased the home
buyers a huge loss in the case of the unexpected
delays. For issues like not taking the possession
owing to the discontinuance of the business or
because of the suspension or because of the
revocation of the registration, the home buyers
can actually claim the compensations as
prescribed by the state regulator. Rules to
clarify that the interest that is payable by
allottees to promoter shall be from the date the
default of allottees in the payment to promoter
till date it is paid. Mandatory to clear all
dues The buyers have to commit to the timelines
of the payments which includes a share of the
registration charges, water and electricity
charges, municipal taxes, ground rent,
maintenance charges, and other charges if there
are any. Take possession onLy after the occupancy
certificate Not only the developers, it's even
binding upon home buyers to take possession of
the apartment, plot, building within the two
months of occupancy certificate being issued to
the developer. Opting for the fit-out building or
going for the soft possession could actually lead
you into the trouble. Association of home buyers
is compulsory The allottees of the project must
get together to form the society/association/coope
rative society/federation. This would actually
help them to solve problems related to the
residential society. Also, this association will
take the care of common resources as well as look
into the logistics. AUottees in projects beyond
planning area have a say In the interest of the
home buyers, the authority can order project
developer to register with authority and thus
become bound by rules and regulations prescribed.
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