Rera Construction Agreement

4A. Where a fourth paragraph has been concluded pursuant to Section 4 (section 1) of the Sale Act, whether it was concluded before or after the start of the Maharashtra Condominium Act (The Promotion of Construction, Sale, Management and Transfer Regulation) (Amendment and Validation Provisions) of 1983, For some reason, a law in force at this time, or a judgment, judgment or court order, may be considered as evidence of a contract in an action for special performance under Chapter II of the Specific Relief Act of 1963 or as evidence of the partial performance of a contract within the meaning of Section 53A of the Transfer of Ownership Act of 1882 or as evidence of a collateral transaction that should not be carried out by a registered instrument , are preserved.] The agreement stipulates that if the buyer has delays in paying a tranche, there is interest to be paid. The costs could be significant – up to 18-24% increase per quarter. The developer may even include a clause stating that if you delay payment beyond one point, he reserves the right to cancel your allowance and that you risk losing serious money that could go up to 20-25% of the total cost. The balance will be refunded to you without interest. In case of late payment by the buyer, the agreement is usually a penalty between 18 and 24 percent per year. However, if there were to be a delay on the part of the owner, liability would be indicated only at 2% per year. By analyzing the provision, we can understand that the document listed in it is an agreement for sale. Moreover, the fact that the agreement on the sale as such falls within the category of Article 17, paragraph 2, of the Registration Act as a non-binding document. According to the standards in some states, if the developer changes the town planning plan, he must obtain the written agreement of the buyer. „Some developers have now started inserting a page into the owner-buyer agreement, and they have obtained prior approval,” Sood adds.

The closure of the construction activity by orders from authorities may take place for a limited period of 21 days or more if a developer`s ability to carry out the project is compromised for an extended period of time. Bottlenecks in the supply of essential building materials and project-specific technical elements should be eliminated over a long period of time, given the closure of factories and workshops. The migrant labour force, which represents a significant part of the labour force in the construction sector, also cannot return immediately. The normality of the construction industry, based on current estimates from developer groups, is expected to return within 3 to 6 months. However, separate scientific studies must be conducted for each project to determine and justify the necessary extension of time. In its Decree 13/2020 of 02.04.2020 [8], the Maharashtra Real Estate Regulatory Authority extended the completion dates of all projects by 3 months with completion dates of 15 March 2020 or after 15 March 2020. The authority referred to blockages, interruptions in the supply of building materials and the migration of labour for the issuance of the Suo-motor Order.