Buying a house is a capital-intensive investment that requires large amounts. The home buying process involves a lot of paperwork and legalities and any mistake made during the process can cause great trouble for the homebuyer.
If you are planning to buy a 1 or 2 BHK flat in Mumbai, it is important for you to learn about your fundamental rights as a homebuyer. The government has implemented RERA laws and rules to bring transparency and accountability to the real estate sector and to ensure fair property dealings between homebuyers and builders. These laws aim to protect the interest of homebuyers and encourage investment in the real estate market.
Here are some rights that you must know before buying a house.
Right to Information
A homebuyer is eligible to obtain information about the housing project before buying a property, such as layout plans of the building, approvals from authorities on sanctioned plans, and the RERA registration number of the property from the concerned authority.
Right to know Construction Schedule
While investing in an under-construction property in Mumbai, a homebuyer has every right to know the completion date and phase-wise construction schedule of the housing project, including provisions for water, sanitation, electricity, and other amenities and services as mentioned in the terms and conditions of the sale agreement.
Right for Property Inspection
A homebuyer has the right to inspect a property to ensure quality before buying a house. You can visit the residential property site to check the project’s progress, which will help you understand the phase-wise completion of the housing project.
Right to claim Document Possession
A homebuyer owns the right to keep necessary property documents after obtaining physical possession of the house.
Right to Refund
Suppose the builder fails to hand over the apartment, plot, or building within the prescribed deadline. In that case, the homebuyer has the right to withdraw from the housing project and claim a refund along with interest and compensation from the builder.
As per The National Consumer Dispute Redressal Commission (NCDRC), buyers can ask for a refund if possession is delayed beyond one year from the date promised by the builder. In case of non-delivery of projects within the deadline, the builder is legally responsible for refunding the entire amount with 10% interest to the homebuyer who wants to cancel the agreement.
Under RERA, builders are liable to pay compensations for selling on fake promises, property’s defective title, and construction defects.
A homebuyer can file a complaint against a builder for making any major structural changes in the sanctioned plans, layout, fittings and amenities without the consent of at least two-thirds of the allottees who have agreed to buy an apartment in a building.
Right in case of any Structural Defects
If a homebuyer finds any structural defects in the property within five years of possession, then the builder is responsible for rectifying it without any additional charge. If the builder fails to rectify the damages within 30 days, the allottee is eligible to receive compensation.
These rights are applicable to every homebuyer, which can help you live a comfortable life in your house.
If you are planning to buy an apartment in Mumbai or its surrounding areas, Ashwin Sheth Group is constructing some finest residential projects located in key areas of Mumbai like Andheri, Dahisar, Kanjurmarg, Mulund, and Thane.
Every project is meticulously architected and built using the latest engineering techniques, with modern amenities that focus on improving your lifestyle and giving you a place where you will love to live and create beautiful memories. Do have a look at them!