The long wait for a standardized and uniform agreement for sale throughout the state is over. The government has notified the Karnataka Real Estate (First Amendment) Rules, 2020. The sales contract must be registered with the sub-registry after being signed by both the Allottee and the organizer. RERA Karnataka President M.R. Kamble told the Hindu: “There is now a uniformity in the purchase agreement between home buyers and developers throughout the state. Buyers` interest is protected. “The purchase agreement stipulates that the possession of units must be given to buyers only after receiving the certificate of occupancy, if the unit is fully habitable with all equipment and secure facilities. This will make manufacturers more accountable and transparent,” Shankar added. According to K S Latha Kumari, Secretary Karnataka RERA, this agreement would allow a uniform procedure for all owners and developers. “Through this communication, the developer must, for example, enter into a sale agreement if he wishes to receive more than 10% of the total value of the real estate as a down payment. Previously, there was no guarantee for this amount paid by the consumer. This document will allow buyers to do so. It will also help them anticipate the clauses they accept,” she said. Even in the case of a project, the date set out in the agreement is delayed, except for reasons of force majeure, the owners cannot seek to increase prices.
It will be a binding document for both owners and buyers on all aspects related to the sale of a property, including the closure of the project, the terms of sale, the down payment and other provisions. The agreement should cover the modalities of gradual development or mixed development, since the proponent may have given assurances that it will provide specific facilities and equipment that can be common to all phases and that can be integrated at the end of the overall development. Recalling the main advantages of the new agreement, M.S.