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RERA defined Agreement of Sale and registered agents


RERA defined Agreement of Sale and registered agents

Last updated: July 7 2019
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  • RERA defined Agreement of Sale and registered agents

    1). If the promoter( landlord or investor) or builder does not Agree to the RERA clauses to be put in agreement for sale even though the project is RERA approved, what can be done in such situation? Are we as buyers still eligible with all RERA rights even though the clauses are not part of Agreement of sale or sale deed?

    2). When we approach to some promoter or builder, they insist on cash payments and term it as legal by registering the property at a lower cost than the actual sale consideration. Even though the subregistrar is aware of this, they still don’t question the buyer and seller. What action can be taken according to RERA ? If we disagree for such transaction, they deny the property to us. What provision we have to deal with such cases? Strange part is it’s such a deep rooted problem in our society, people say property dealings are not possible without black money.

    3). Where do we get to see registered real estate agents? We still see many brokers and agents are still marketing without being registered under RERA. What can be done if the agent is not revealing their RERA Registration number? Where in RERA, can we raise our voice if they are misbehaving or threatening us?

    4). What precaution should we as buyers take while giving token money? Some times it’s so fast that we can’t go for a bond paper deal for token money. Bond paper is scarce now in our city as well. Promoter and builder take advantage of that and deny the property later on after the token money is paid and many times we have to run after them to get that back. In my case the dealers threatened me of not giving my money back. They did not turn up for agreement and blamed me for delay in further payments and missed date of agreement of sale.

    5). What RERA can do if we see a Nexus of bankers, promoters and builders or any other powerful set of people who dominate and bully over the rights of a common buyer. Can we give an anonymous complaint? Anonymous because it’s not only a risk to a single person but the entire family.

    6). People in the real estate field get away with black money transactions day in day out and forcing common genuine buyers to do the same. What can RERA do to control this menace and can this be investigated from your side upon complaint? I as a common buyer might not be able to give you credible evidence as we don’t intend to gather evidence like this during our purchase but we come across these demands of cash transaction.

    7). What are the clauses for TDS? Is it applicable for property with a work order ? For example, if the total sale consideration is 80 lakhs, work order is generated for 40 lakhs and the sale deed is executed at 40 lakhs.

    8). Some promoters and builder mention the date of completion to the maximum limit in the RERA links but they don’t need that much time line to complete the project. Is there any way RERA can audit such information as per their other documents that they share with Muncipal corporation, Development Authority, Banks etc.

    9). What can we as buyers if we don’t get enough transparency in getting all the information from the promoters or builders.

    10). Many a times even with construction linked payments, the builder constructs to an extent(example until slab work) where they can gain the maximum lump sum and the buyer keeps on paying interest until possession and it’s clear that the other part of construction goes very slowly where the money disbursement is low in that phase of construction.
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