Format of Agreement for Sale as per Rera

The Real Estate (Regulation and Development) Act, 2016 (RERA) has brought significant changes to the way real estate transactions take place in India. One of the crucial aspects of RERA is the requirement for developers to register their real estate projects with the concerned regulatory authority. Developers must also mention the sale agreement format in their project registration documents. In this article, we will discuss the format of agreement for sale as per RERA.

The agreement for sale is a legal document that outlines the terms and conditions of the sale of a property by the developer to the buyer. The format of the agreement for sale as per RERA has been standardized to ensure transparency and protect the interests of the buyers. The agreement for sale must be registered with the concerned regulatory authority and will be binding on both the parties involved.

The following are the essential clauses that must be included in the agreement for sale as per RERA:

1. Details of the parties involved: The agreement for sale must include the details of the developer and the buyer, including their names, addresses, and contact numbers.

2. Property details: The agreement must specify the property`s exact location, dimensions, and survey number.

3. Payment details: The total cost of the property, the payment schedule, and the mode of payment must be mentioned in the agreement for sale.

4. Possession date: The agreement should specify the date of possession of the property, and the consequences in case of delay.

5. Carpet area: As per RERA, the agreement must mention the carpet area of the property, which is the actual usable area within the walls of the property.

6. Building specifications: The agreement should include the specifications of the building, including the materials used, the number of floors, and the amenities provided.

7. Common areas: The agreement must specify the ownership and maintenance of the common areas of the building, such as parking areas, gardens, and lifts.

8. Termination clause: The agreement must include a termination clause that outlines the circumstances under which the agreement may be terminated by either party.

9. Dispute resolution: The agreement must have a dispute resolution clause that specifies the mechanism for resolving any disputes between the parties.

In conclusion, the format of agreement for sale as per RERA has been standardized to protect the interests of buyers and ensure transparency in real estate transactions. Developers must adhere to the prescribed format while drafting the agreement for sale and register it with the concerned regulatory authority. As a buyer, it is crucial to read and understand the agreement thoroughly before signing it to avoid any legal issues later.