The real estate sector in Gurgaon has witnessed a surfeit of changes ever since the Indian economic growth picked up pace. Furthermore, migration into key industrial centres like Gurgaon, an upsurge in the disposable incomes and foreign investments has steered the demand for all forms of real estate in the country.
Another emerging trend that has been observed over the course of time is the growing demands for affordable. This Is largely due to an ever-expanding industrial footprint in the region that has contributed tremendously in augmenting the earning capacity of workers and encouraging an increasing number of career oriented professionals to migrate to the city. Hence, it is quite evident that the increasing number of flats in Gurgaon has been augmenting the growth of the city.
Although the segment of affordable housing in Gurgaon continues to develop, the need for transparent protocols and uniform guidelines has been demanded by the Industry which was constantly perceived in a negative light by prospective home buyers. As options for affordable housing in Gurgaon have been ever increasing lately, discrepancies have been reported due to a lack of transparency in the particular sector. It could, therefore, be said that there wasn’t a better time to introduce the Real Estate Regulation and Development Act as the Government focuses on – housing for all, passing a series of affordable housing schemes in Gurgaon.
Following is a list of prudently conceived highlights from the historic legislation: Following is a list of prudently conceived highlights from the historic legislation:
1. The home buyers will be entitled to receive important information about the sanctioned plan, layout plan as approved by the regulatory authorities, phase wise time schedule of the project completion and the services promised by the real estate developers such as drinking water facility, electricity, sanitation etc. After receiving the physical possession of the unit, the consumer has a right to acquire all the necessary documents and plans including that of the common areas.
2. The homebuyers can claim possession of the unit and the association of homebuyers can collectively claim possession of the common areas as & when declared by the real estate developers.
3. If the real estate developers fail to meet the timeline or fail to deliver what was promised, the consumer will have the right to claim refund of the amount paid along with prescribed interest and compensation for the same.
4. It is mandatory for a consumer to make timely payments to the real estate developers as per the agreement for sale. They will also have to pay their share of registration charges, municipal taxes, maintenance charges, ground rent, electricity charges, water supply charges and any other services.
5. Once the occupancy certificate is issued by the real estate developers, the consumer will be required to take possession within two months’ time.
6. If the homebuyers are not able to make timely payments for their purchase, they are required to pay interest at a prescribed rate.
7. It is compulsory for buyers to manifest active participation in the formation of an association, a cooperative society, or any federation of homebuyers.