The pain to own a home resides in every heart and the prevailing situation is offering a chance to fulfil this dream. It is a dream come true when you succeed in getting your own home. One feels that he has reached a fantasy world where his dreams are getting fulfilled. But he forgets or remains ignorant about the rights he holds as a homebuyer. It is time to know your rights as a homebuyer.
1. Rights as a Home Buyer
The exciting phase of your life begins when you decide to own a home. Each one of you will have your own specifications regarding the location, configuration, luxuries and the type of home you desire or you can afford. Whatever be the conditions, each one of you has a few rights as a homebuyer which you should know right from the time you begin your hunt for a new home. While concentrating on the specifications of your choice, at times you might overlook or miss out on the legal complexities of home buying. Hence, the government has introduced some laws that safeguard the interests of the homebuyers and help to maintain transparency in the transactions.
1.1. Right of Possession
The title holder of the property holds the right of possession over that property. Title is an essential document that announces your legal ownership of the property. You get the title once you pay all the amount of the house or after you clear all the dues with the home loan finance company.
1.2. Exclusion Rights
This right gives you the power to choose the people who can enter your house. It also gives you the right of privacy as well as the right of choice. You may limit the entry as per your choice. This right is not valid for law enforcement authorities who carry a valid warrant.
1.3. Control and Enjoyment Rights
This right gives you the power to use your property the way you want but abiding by the law. You also enjoy privacy in your house. Your freedom in your house should not create nuisance in your neighbourhood. You need to maintain a balance between your rights and the rights of your neighbours. You also have the right of control over your property. That means you are free to make renovations or changes in your house as per your desire and dreams but respecting the local laws.
1.4. Right of Disposition
Disposition right gives you the power to dispose of your property. That means the sale or transfer of ownership of the property to someone else. You get the right of your property to dispose it in any way you like, sell it, transfer it or will it. Selling a property means, the property has to be cleared from any loans or dues before the selling process.
1.5. Right on the Benefits
The homebuyer enjoys the benefit of any improvement or increase in the value of the property after getting the ownership from the seller. You are also entitled to enjoy the income generated from the property after it is transfered on your name. The seller will not have any claim on such benefits after he sells off the property.
2. Rights of a Homebuyer Under RERA
The main aim of RERA Act is to bring transparency, promote the sector and safeguard the rights of the homebuyers. A few rights are given to the homebuyers and a few guidelines to the builders by RERA
and these have to be followed strictly to maintain discipline in the real estate sector. In addition to these, RERA has laid down some duties to the homebuyers too.
2.1. Right to be Informed
As a homebuyer you have the right to ask for information regarding legal sanctions, building layouts and specifications and other approvals about the project from the builder. You can also ask for the stage- wise completion of the project. You are also eligible to know the details about the provisions for water, sanitation, electricity & other amenities and services as mentioned in the agreement. You also have the right to inspect the quality of the construction before you purchase it or visit the project site to check the progress of the project.
2.2. Right to Demand the Signed Agreement
As a homebuyer, you have the total rights to demand for a signed agreement with the builder. These agreements which are signed by both the parties hold legal value in case of dispute that may arise during the purchase process or later. This signed agreement serves as a proof of purchase during the construction stage of the project. The homebuyer is also entitled to a set of documents from the builder which consists of a letter of allotment, payment schedule according to construction, copies of all permits and NOCs, certificates and floor plans as given by the concerned authorities, tax receipts, etc.
2.3. Right to Claim Refund
As a homebuyer, you have the right to withdraw from the project and claim a refund if the builder fails to hand over your house as promised. You, as a homebuyer, have the right to claim a refund. If the possession is delayed beyond one year from the promised date, then as a homebuyer you can demand for a refund and the builder is also bound to refund the entire amount with 10 percent interest. You can file a complaint under RERA to claim the refund.
2.4. Right to Complain
If the builder makes any major structural alterations in the sanctioned plans, layout, fittings and amenities without the consent of at least 2/3rd of the homebuyers, you have to right to file a complaint against the builder. If any structural or constructional defect pops up within 5 years of handing over of the possession, then the builder has to repair it without any additional charge within 30 days of the complaint.
3. Rights Safeguarded at Merlion
The projects of Merlion Builders are RERA registered. That means the rights of the homebuyers are safeguarded at Merlion. All the dealings are transparent and the promised amenities and luxuries will be provided without giving a slight chance to complain. Merlion Galaxia at Pragathinagar is a premium and luxurious venture which offers a comfortable and healthy lifestyle. The homebuyers at Merlion Galaxia can enjoy all their rights without any likelihood of any complain. Your rights as a homebuyer are safeguarded at Merlion.