TYPICAL ISSUES IN PURCHASE OF UNDER-CONSTRUCTION PROPERTY WITH REFERENCE TO PROTECTION AVAILABLE TO BUYERS UNDER RERA, 2016
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Keywords:
Real Estate, Under-construction property, Purchase of property, Protection to buyers, RERA, Property LawAbstract
Transfer of under-construction property is one of the most complicated topics in real estate as it depends on multiple factors like approvals, funding for construction, construction status, home loan of seller, builder, landowner share, etc. To protect and safeguard the rights and interests of the home buyers and to ensure that they are not exploited by the developers/builders, the government enacted Real Estate (Regulation and Development) Act, 2016. This paper will cover the typical issues in purchase of under-construction property by buyers and the relevant provisions in Real Estate (Regulation and Development) Act, 2016 that provide protection to the buyers in the event of the same.
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