The Maharashtra government's Real Estate (Regulation and Development) Act (RERA) has introduced a model agreement format to protect buyers. However, many builders modify crucial clauses, leaving buyers unaware of their rights. MahaRERA has taken steps to
ReraMahareraReal EstateBuyer ProtectionBuilder ObligationsReal Estate MaharashtraOct 28, 2024
RERA is an act introduced by the Maharashtra government to regulate the real estate sector, protect buyers' interests, and ensure transparency between buyers and builders.
The model agreement is a standard format of the sale agreement between buyers and builders, designed to ensure that all necessary terms and conditions are included and are fair to both parties.
Builders can modify some clauses based on specific circumstances, but they cannot alter or omit mandatory clauses as specified by RERA. MahaRERA has issued guidelines to prevent such misuse.
The 'force majeure' clause covers unforeseen events like war, flood, drought, and earthquakes. Builders are not allowed to expand this clause to include other situations not covered by RERA.
Buyers have the right to receive interest at the rate of the Reserve Bank of India’s max credit lending rate plus 2% annually for every month of delay until they receive possession of their units.
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