Ever since the homebuyers and investors have heard about launch of new Real Estate Regulation & Development Act 2016, they have been waiting for it eagerly. After all the law is expected to put a check on the fraudulent activities of the builders, who have been cheating innocent property buyers for years. Some homebuyers have even postponed their decision to invest in real estate market and waiting for the implementation of the law.
Though the law will leave no scope for wrongdoings, it needs contribution of homebuyers as well. If you are looking forward to investing in Real estate projects In Bangalore after May 1, here are some of the points you need to keep in the mind to fulfill your part of the deal.
Timely payment: No doubt the builder is liable to keep you updated with the construction progress, give possession on promised time and provide all the details about the project, you also need to help them by making payments on right time. Further, you should also pay your share of registration charges, municipal taxes and other charges.
Penalty: If you fail to make the payments as per the agreement, you will be liable to pay interest on late payment. The interest rate on delayed payment will be the prime lending rate of State Bank of India plus two percent additional charge.
Timely possession: top builders In Bangalore give possession immediately after obtaining the occupancy letter. As a responsible homebuyer, you should take possession of the apartment within two months after an occupancy certificate has been issued. If you don’t abide by the rules, it will be considered dishonoring the sale agreement.
Conveyance deed: Getting registration of conveyance deed of the apartment is not the sole responsibility of the builder. As per the laws, homebuyers should also participate in the process actively.
Cooperative society: If you think that your responsibility gets over after taking possession of your apartment, you are wrong. As an active allottee of land, apartment or building, you should form a community, cooperative society or an association. If you cannot manage to create group, make sure you are an active participant.
Real estate bills and laws will undoubtedly make Indian real estate market more transparent and reliable, but this is possible only with equal contribution from all the parties including builders, agents and buyers. real estate Property In bangalore is expected to grow rapidly. So keep these points in the mind and invest in a home there after May 1.