Relief for Homebuyers
As the result of a case heard by the Gurugram bench of RERA (Real Estate Regulation Authority), home buyers have been pleasantly surprised by a victory in their favor. Vatika Limited dishonored the terms of the Buyer-Builder Agreement (BBA), and as a result, the court fined the company over Rs 6 lakh. This has turned the tables on the five complainants whose cases Judge SK Arora found them guilty.
Breach of Builder Buyer Agreement
The court held the Vatika Limited company as an offender for respect of the BBA with the concerned homebuyers. Although the specifics of the breach remain undisclosed, the order highlights how important it is for all involved to follow the terms of the contract, which is sometimes not limited to agreements between builders and home buyers. The contract sets the boundaries between the seller and the buyer with transparent rules that govern both sides of the shopping transaction.
RERA protects homebuyers.
This instance merely serves as a wonderful illustration of
the significance of RERA in home owners recovery. Smartly, in Article 13 of the
Real Estate Act of 2016, the developers are restricted from receiving advance
payment or application fees which are beyond 10% of the cost of the
construction. The RERA court’s judgment we have just witnessed not only
strengthens the concept of safety regulations provides room for further
improvements.
Vatika Limited to Appeal
Vatika Limited has filed an appeal against a recent decision, leading to a new trial. This is where the company argues that the court, in its decision, ignored the issues and their arguments. The option of appeal could be an avenue for firsthand investigation of the breaches and the basis of the fine.
Buyers of houses are said to be skeptical and circle wards.
This landmark verdict reaffirms the need to be apt regarding the purchase of the property for even a prospective homeowner. Therefore, you must conduct detailed scrutiny of the documents provided by the builder relating to the Buyer-Builder Agreement and avail yourself of the rights and privileges accorded to you under the RERA Act before committing the transaction.
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