Ministry of Urban Development approves the draft of Agreement for Sales Rules under RERA

Shri Venkaiah Naidu

By Accommodation Times News Service

-Timely delivery of possession of apartment/plot the essence of Agreement between promoter and buyer, says Draft Rules
-No time bar for claiming compensation against loss caused to allottee by defective land titles
-Price to be escalation free

Timely completion of the project and timely delivery of the apartment or plot to the allottee by the promoter is the essence of the Agreement to be signed between the promoter and allottee under the Real Estate (Development & Regulation) Act, 2016. This has been explicitly incorporated in the Draft Agreement for Sale Rules, 2016 under the Real Estate Act approved by the Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu. Allottees on their part would be required to ensure timely payments.

Ministry of Housing & Urban Poverty Alleviation has firmed up the Draft Agreement for Sale Rules, 2016 applicable for the five Union Territories of Chandigarh, Andaman & Nicobar Islands, Daman & Diu, Dadra and Nagar Haveli and Lakshadweep. These Draft Rules will now be placed in public domain for comments and suggestions before final notification.





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