Tnrera Sale Agreement

The registration of all real estate projects and real estate agents is mandatory at RERA. No sale in a real estate project can be made without the registration of the project with RERA. These rules apply to all ongoing and future projects for which the land area exceeds five hundred square metres or where the number of housing units proposed for development exceeds eight, including all phases. It is mandatory for a developer to upload the details of the proposed project to the RERA website, including registration details, the type of apartments or land reserved, the list of permits issued, etc. Both the organizer and the buyer are required to pay the same interest rate in case of delay on both sides. Similarly, real estate agents, brokers, intermediaries must register with TNRERA under any name. Under a tripartite loan agreement between the developer, buyer and Axis Bank under the grant program, Ozone had agreed to pay interest on behalf of buyers until the date of delivery of the apartments, but construction was not completed within the agreed timeframe, the buyers found. Twenty-four plaintiffs who had booked apartments in the project had reached an agreement with developer Crescentz Square. In addition, the project promoters are legally bound and liable, either with a prison sentence of up to three years or compensation of up to 10% of the total cost of the project in the event of non-compliance with the rules or violation of land title, the planned completion and maintenance of the project. Therefore, we believe that developers should be extremely careful when it comes to providing accurate estimates of their projects and the sales contract. G Saravanan, TNRERA arbitrator, stated that since the landowners of the land had executed a general power of attorney (AMP) on the developer and the developer had executed the deed of sale on the unanorshare share in favour of the buyers, only the first defendant, namely the company, fell under the “developer” category and not the owner. In two separate petitions, Yogi Saraf and Rinku Saraf stated that they had booked two apartments in the ozone project “The Metrozone” on Pillayar Koil Street, Anna Nagar, Chennai, and that they had entered into two separate sales and construction contracts on 20 September 2019.

TNRERA found that under a supreme court ruling, the buyer cannot be compelled to take possession of the apartment if a contracting authority does not hand over ownership of the apartment within the time limit set by the agreement or within a reasonable time thereafter. Since it was active in the UAE, the advance was paid in 2015 and the construction and sale contract was signed in 2016. . .

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