Home buyer became more powerful – RERA LATEST ACT.

By Abhay Harish Shah , Realty Quarter

Many a time people book an apartment but for someone unknown reasons they wish to cancel the transaction. It might be possible due to the delay in getting possession from the builder or any other financial issue.

Real Estate Regulation Act (RERA) is foremost the best act implied to support buyers from getting cheated. According to RERA act under section 18, a home-buyer is eligible to seek a refund of the booked flat with interest with the help of allotment letter.

RERA has helped to do the property transaction smoothly in many ways. This new act will be implemented by May 1, stipulates that home buyers can drop designation of the apartment booked with a builder at any stage regardless of whether there is no default with respect to the builder. Also, the builder is bound to refund the money within 45 days with an obvious deduction of booking charges.

The rule says, “That despite any issue or fault of the developer, a buyer has a right to cancel/withdraw its booking, and the builder has to pay the refund in case of withdrawal within 45 days of the cancellation request”.

There was a time when the builder’s used to accept the withdrawal request from the home buyer but were neglecting to pay the amount on time. In some cases, builders didn’t even pay the refund amount. But thanks to the RERA act due to its amendment, a buyer has much more power than before.

In a case of getting project delayed, a buyer has a power to issue the cancellation against the developer and get the refund with interest within 45 days of the termination.