Instead of protecting home buyer's rights Maharashtra RERA Rules, if passed as it is, will intimidate flat buyers and protect builders & brokers:
|Maharashtra RERA Rules - A Nightmare for Home Buyers|
In model form of agreement to sale there is one very dangerous provision.
If the Allottee fails to rectify the breach or breaches mentioned by the Promoter within the period of notice then at the end of such notice period, promoter shall be entitled to terminate the Agreement and upon termination of this Agreement the Promoter shall be at liberty to dispose of and sell the Apartment to such person and at such price as the Promoter may in his absolute discretion thinks fit.
The notice period will of seven days and by email only.
There is more dangerous proviso ahead, that upon termination of the Agreement as aforesaid, the Promoter shall refund to the allottee within a period of six months of the termination.
That too subject to adjustment and recovery of any agreed liquidated damages or any other amount which may be payable to Promoter.
Promoter is entitled to do this at any time of agreement period. That means even if buyer has paid 90% of the amount promoter can terminate the agreement on any ground. And refund will be without interest.
To read more, please, visit Vijay Kumbhar's Exclusive News & Analysis Blog
1) Maharashtra RERA Rules Published!
Subscribe for Free!
To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog
Feel free to call me:
I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market.
My email id is RaviKarandeekar@RaviKarandeekar.com Feel free to write to me. I reply as soon as i can.
If you want my advice, feel free to call me on 919860044110. First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.
Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .
For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.