What Are Your Rights As A Homeowner?

September 13, 2022

Our rights keep us safe. Your rights as a homeowner are important and keep you protected from builder scams. When you are looking for a luxury apartment in Ahmedabad or for that matter in any other city of India, you must also educate yourself about your rights as a homeowner. In this article, let’s particularly understand what some rights of yours as home owners are. This knowledge will be your safety net in an unforeseen situation.

1. Make A Written Agreement

Several times builders are known to pursue an aspiring home owner into paying a booking amount by baiting him with a lucrative offer price. With several upcoming budget homes as well as luxurious 3 & 4 BHK apartments in Ahmedabad, owners are eager to be the early bird that catches the worm. Before you pay this booking amount, be informed about your rights as a homeowner.

The RERA Act all across Gujarat has capped the booking amount to 10 percent of the property’s worth. Therefore any additional amount that you might be paying in the name of a booking amount is unnecessary. Furthermore, a property purchase cannot be made without the right papers being signed between the buyer and the seller. Ensure that you have a booking allotment letter which makes your purchase of a luxury apartment legal and binding to the builder.

2. Know The Stage-Wise Payment Plan For Your Apartment

A builder must provide you with a construction schedule and expected payment dates as and how it is expected. This schedule must be signed off by the builder and handed to you at the time of signing the agreement. In case of construction delays, these schedules will safeguard the homeowner’s interest. This also works for the homeowner to plan his next payment to the builder. NK Anantaya’s 3 & 4 BHK apartments in Vasna, Ahmedabad, are RERA approved and come with honest guidance as well as support for the homeowners.

3. Clear Account Statements

As a home buyer, you have the right to receive statements of accounts from the builder regularly or at any time upon your request. The GST Bill also warrants that the buyer receives a receipt of payment made at every milestone or as mentioned in the payment schedule.

4. Home Loan Assistance

First time home buyers can feel uncertain about the process of procuring a home loan. In this situation, a builder must provide a No Objection Certificate and possibly enter into a tripartite agreement with the buyer of the property. This helps to iron out any glitches for the loan applicant that might arise for taking a loan.

5. Amenities As Mentioned Must Be Provided

According to the RERA Act, builders are liable to deliver whatever amenities have been mentioned in advertisements and brochures. While a reliable builder will always fulfill his commitment, the RERA body comes with specifications of common amenities such as parking spaces, garden and kids play areas. The builder is legally liable towards any false claims or promises made regarding amenities.

6. Adherence To Plan

The RERA body also penalizes any alterations that may be made to the plan sanctioned by the regulatory body. In a scenario that a change might be needed, the written consent of at least two-thirds of the allottees is needed. Therefore we recommend that you always choose reliable builders to fulfill your dream of owning a home. For those looking to own a residential property in Ahmedabad, gorgeous 3 & 4 BHK luxury homes are open for booking in Vasna.

7. Delay In Construction

A delay in construction plans can mean a delay in handing over of the property. In this situation, a builder is liable to pay interest on property loan for every month of delay.