Delays in payment: The contract must indicate the recourse that the owner can resort to if the buyer causes a delay in the staggered payment. As a general rule, the clause only stipulates that a certain percentage of interest would be charged if the buyer causes late payments. This provision also protects buyers, as the owner can only use the repair provided by the contract and cannot go so far as to cancel the buyer`s booking. When a person buys an under-built property, a letter of attribution is made available to the potential buyer by the owner. It is issued as soon as the buyer pays 15% of the value of the real estate to the developer. Preservation and respect for the rights of homebuyers is the main reason for RERA or the Regulation and Development Act 2016. One of the measures taken under the RERA plan is the emphasis on a contractor-buyer agreement between the buyer of the house and the owner. After the introduction of RERA, the agreement between the owner and the buyer must have clearly defined all possible terms and conditions in the agreement. All RERA-registered projects should list the same projects. Both parties must now ensure that the agreement complies with the rules established by RERA and that the project is also registered under RERA. Even under the RERA, there is no provision that prevents the complainant from asserting his right to claim interest on late detention or repayment on the basis of the terms agreed in a letter of award.
Indeed, the RERA act itself provides that a sale agreement is only required for sale if the buyer has paid more than 10% of the total remuneration. If the letter of award is not taken into account by the authorities, it would create an abnormal situation where, if less than 10% of the consideration is paid by the home buyers, it will lose all appeals against the owner only because the formal agreement is not registered, when it is prescribed by law. That certainly cannot be the intention of the legislature. A contractor-buyer contract must be developed by a lawyer who has experience in establishing legal documents for the sale and purchase of real estate. However, the agreement must contain the following provisions in order to protect buyers and contractors in a lump sum if one of them violates the Baugrund agreement: the building code must be included in the contractor-buyer contract, as it can be used as evidence in the event of a dispute over the modification of the plan by the contractor. The inclusion of town planning plans is for both the owner and the buyer when they sign the agreement. the MAHARERA court found that the letter of award also authorizes homebuyers to ask the owner to reimburse the owner for the reserved accommodation with interest pursuant to Section 18 of the RERA Act, 2016.