Becoming a homeowner in Lucknow or any other part of India doesn’t come easily. There are many hurdles that one has to pass one by one, right from visiting a property to securing a home loan at the best interest rates to following up with the builder, navigating through legal complexities, and much more.
To simplify the complexities and eradicate irregularities of real estate developers, the Real Estate Regulation and Development Act (RERA) was legislated. It emerged as a powerful regulatory protection for homebuyers and investors in India. Builders cannot ignore its regulatory norms if they are found delaying the project completion, suspending handover, or indulged in any unlawful activities that harm investors’ interests.
But, there are many instances, where RERA regulations fail to help the investors. This comes in a situation where buyers do not show carefulness. Be it plots or a 2 BHK flat for sale in Lucknow or any other parts that drive investors’ attention, if they don’t pay due diligence, RERA cannot come to their rescue.
Mistakes you shouldn’t make when buying a property
Here in this blog, we have gathered a few scenarios, in which RERA doesn’t help. So, when buying a home or a luxury villa in Sushant Golf City, Lucknow, consider these scenarios.
Agreements having unilateral clauses
Real estate developers in Lucknow and other parts of India often include unilateral clauses in their agreements. This lets them have independent rights in various situations. For example, unilateral modification to project specifications or unilateral allotment cancellation without buyer’s consent.
Cash transactions at booking stage
Buyers choosing cash transactions throughout the booking stage averts RERA from helping them. Usually, people go for all-cash transactions to save stamp duty charges. This makes them legally vulnerable if they opt for cancellation. Since no statutory proof of the transaction can be provided, the buyer is left alone grieving for their lost money.
Agreeing to revised possession schedule without legal assistance
Sometimes, investors or homebuyers agree to a revised possession timeline either orally or in writing. Such acceptance is interpreted as a waiver of the homebuyers’ right to seek legal help or claim penalties for delays. RERA proceedings do not pay attention to any communication showing such acceptances.
So, it is always recommended to be cautious and seek legal help before nodding to a revised timeline. Also, buyers who give their consent to out-of-the-court settlements waive off their right to claim any compensation under RERA.
Defaulting on scheduled payments
Buyers who default on their scheduled payments cannot take RERA’s help. When buyers do not follow the agreed payment schedule, the builders cannot be held responsible for delayed projects. On the contrary, buyers may face penalties.
Those who default on payments may lose their right to seek legal help in possession delays. So, when you buy apartments in Lucknow or anywhere, ensure to follow the scheduled payment structure diligently.
Untimely or delayed complaint against developer
RERA encourages homebuyers to file a timely complaint from when certain issues started. Excessive delay in filing a complaint may compel RERA to dismiss the claim. If, as a buyer, you delay in filing a complaint, it may weaken your case.
So, these are the mistakes you shouldn’t make, or it will fail to get help from RERA.
