RERA Agreement Telangana: What You Need to Know
If you are looking to purchase property in Telangana, then you may have heard about RERA Agreement. RERA stands for Real Estate Regulation and Development Act, which was introduced by the government of India to regulate the real estate sector. The primary aim of RERA is to protect the interests of homebuyers and bring transparency in the real estate sector.
RERA Agreement is the agreement between the builder and the homebuyer, which is registered under RERA. It is a legal document that outlines the terms and conditions of the property purchase. The agreement includes details such as the sale price, payment schedule, possession date, and other important clauses related to the property.
In Telangana, RERA came into effect in 2017. The Telangana State Real Estate Regulatory Authority (TSRERA) was established to regulate the real estate sector in the state. RERA compliance is mandatory for all real estate projects in Telangana, including residential and commercial properties.
Here are some key points to keep in mind regarding RERA Agreement in Telangana:
1. Registration: As per the RERA Act, all real estate projects with more than eight units or more than 500 square meters of land area need to be registered with TSRERA. The builder needs to submit all the relevant documents and details of the project to TSRERA for registration.
2. Agreement format: The RERA Agreement format is standardized and needs to be followed by all builders in Telangana. The agreement needs to include details such as carpet area, built-up area, and super built-up area, among others.
3. Payment schedule: The payment schedule needs to be mentioned in the agreement, and the builder cannot demand more than 10% of the property cost as an advance payment before signing the agreement.
4. Possession date: The builder needs to mention the possession date in the agreement, and if there is any delay in possession, then the builder needs to pay compensation to the homebuyer.
5. Warranty period: The builder needs to provide a warranty period of up to five years for any structural or construction defects in the property.
6. Dispute resolution: The agreement needs to have a dispute resolution clause, which outlines the process to resolve any disputes between the builder and the homebuyer.
In conclusion, RERA Agreement is a crucial document for homebuyers in Telangana. It provides protection and transparency in the real estate sector and ensures that builders fulfill their obligations. Homebuyers should ensure that they sign the RERA Agreement before purchasing any property, and should seek legal advice if required.