Allottees are granted the following rights and obligations under Section 19 of the Real Estate Act. A buyer or allottee shall be entitled to the following:
- Obtain information on sanctioned plans, layout plans, and specifications that have been approved by the competent authorities, as well as any other information.
- Determine the project’s stage-by-stage completion timetable, including provisions for water, sanitation, electricity, and other facilities.
- Claim possession of an apartment, a plot of land, or a building. The allottees’ association shall have the right to claim possession of the common areas. Reclaim the amount paid, plus interest at the statutory rate and compensation in accordance with the Act’s provisions. After transferring physical possession of the apartment, have all relevant documentation and plans, including those for common areas.
A buyer is responsible for:
- Making all required payments, as specified in the said agreement for sale, on time and in the proper amount, and for paying his or her share of registration fees, municipal taxes, water and electricity charges, maintenance charges, ground rent, and other charges, as applicable.
- Paying interest, at the stipulated rate, on any late payment. The promoter and allottee may agree to cut the interest rate. Assisting in the formation of an allottees’ organization, society, or cooperative society.
- Within two months of receiving the occupancy certificate, taking physical possession of the property (apartment, land, or building).
Taking part in the registration of property conveyance deeds.