Know More About the RERA New Rules in 2022

The real estate industry has been facing a boom in recent times, in metro cities particularly. The demand for various types of residential and commercial real estate properties has increased multiple times and that is why it has emerged as a very fruitful industry in the last ten years. Naturally, this hike in the demand has resulted in some serious irregularities that the customers, in particular, have been facing. To make things more regular and transparent, the government has come up with the Real Estate Regulatory Authority Act in 2016.

The Real Estate Regulatory Authority Act (RERA) 2016 came into effect on May 01, 2016. The law has specific rules that everyone concerned in the real estate industry, including customers who are planning to purchase residential and commercial real estate property. The RERA guidelines for possession of a property help home-buyers to be more conscious and authorized to save their financial interests. The RERA new rules of 2022 chiefly focus on the interests of the customers in various states and Union Territories.

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RERA New Rules for Payment in RERA ACT 2016:

The following are the important provisions under the RERA Act, 2016 related to payment:

• The duties and rights of property buyers include essential payment to the builder or promoters as per the agreement signed between them.

• Any delay in the payment may result in payment of interest by the home-buyers. The rate applicable to it can be decided accordingly!

• RERA new rules of 2022 also need payment of the water and electricity charges, municipal taxes, registration charges, maintenance charges, ground rent, etc. as well. All these are clearly mentioned in the agreement between the buyer and the seller.

• The builder or the promoter needs to bear the payment of all the outgoings, such as water or electricity, and the buyer gets the possession.

RERA Rules for Possession

As per the RERA new rules 2022, the possession rules of real estate or commercial properties are also very important. The following are some of the important rules that every buyer or seller of a property must know, acknowledge, and follow:

• In case, the builder fails in his commitment to hand over possession of the property as per the agreement, then the buyers are free to claim a refund of the whole amount with interest. The rate is decided with the help of the standing RERA new rules in 2022.

• If the buyers of the property do not want the money back, then they may claim a monthly interest on the amount. It can be paid by the builders/promoters until the buyers get possession of their property.

• Even if the lack of possession is due to suspension or revocation of the RERA registration of such a builder, the buyers are entitled to a refund with interest.

• The property buyers may have the right to move to their property within two months of obtaining the occupancy certificate from the builders/promoters.

• After getting possession of the property physically, property buyers are permitted to get all the essential papers with them.

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You can do well to see a qualified and knowledgeable property lawyer in Kolkata in case you have some more queries about the RERA new rules 2022. These professionals possess all the necessary information about the laws that you may be ignorant of!

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