Friends, often whenever we buy an item from the market, generally we ask the
shopkeeper how much will be the warranty period of the item and which defects
will be rectified during that time. Did this question come in your mind while
buying your dream house??
Yes, today we will know such a provision of RERA that protects the same rights
of home buyers. The Real Estate (Regulation and Development) Act, 2016 (RERA) is
an important legislation that seeks to regulate the real estate sector in India.
One of the key provisions of the Act is Section 14, which provides for a
warranty on the real estate product offered by the developer. This section
states that the developer is liable to rectify any structural defects in the
real estate project within a period of five years from the date of possession.
The warranty
period of five years begins from the date of possession of the property by the
buyer. This means that if the buyer takes possession of the property on 1st
January 2022, the warranty period will end on 31st December 2026. During this
period, the developer is liable to rectify any structural defects that may arise
in the property.
It is important to note that the warranty provided under
Section 14 of the RERA Act applies only to structural defects and not to other
types of defects or deficiencies in the property. The developer is also not
liable for defects or damages caused by the buyer or due to natural wear and
tear.
In conclusion, Section 14 of the RERA Act provides an important warranty
for buyers of real estate properties. It ensures that developers are held
responsible for any structural defects that may arise in the property and
provides a mechanism for buyers to seek redressal if the developer fails to
rectify such defects within the specified time period.
Subscribe our Youtube channelRealestatejanowithRajendra
Good information sir ji....... It might help me to fight with developer in my case..
ReplyDeleteVery Useful Information for people working in Property Mortgage sector.
ReplyDelete