Taking a step forward to implement the Karnataka RERA rules in a full-fledged manner, the state government will soon notify the Agreement-for-Sale, which was missing in the notification of the Karnataka Real Estate (Regulation & Development) Act.
An official from the Karnataka RERA stated that the government is concerned about the problems that the buyers are facing due to the delay in getting possession of their homes. The government has already drafted the agreement-for-sale for RERA registered projects and is currently accepting suggestions from various real estate stakeholders. The rules mentioned in the agreement-for-sale will add consistency to the real estate sector. The buyers and developers must follow the instructions prescribed by the government and abide the terms mentioned in the sale agreement.
According to the draft agreement-for-sale, the developers must give the possession of the real estate entity within the agreed time. In case the developer fails to give the possession on-time, the buyer is entitled to deny from buying the property. Also, the developer has to return the total amount taken from the buyer along with interest as per the rate agreed in the sale agreement. In case the buyer agrees for the extension in the date of possession, the developer must compensate him/her every month until the possession.
The proposed agreement for sale also states that the buyers must ensure timely payment to the developer. In case the buyer fails to do so, the developer can revoke the agreement, cancel buyer’s allotment and can deduct the booking amount & interest liabilities from the amount payable to the buyer.
The states that have already notified the RERA rules have incorporated the Agreement-for-sale along with the notification.
Click here to download Agreement-for-Sale for other states.