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New Delhi: A house purchase is a significant emotional as well as a financial investment. But even when the extent of this investment is so great, homebuyers are not adequately informed about their rights, so they are vulnerable to fraud, misrepresentation, and malpractices. Thus, it becomes necessary to explore some key consumer rights that must be familiar to each property purchaser in order to obtain a clean and equitable property deal. Gaurav Mavi, Co-founder of BOP.in, highlights the importance of verifying the following key aspects.
1. Right to Information*
The right to information is among the most fundamental consumer rights in property. Buyers should receive full and clear information regarding the legal status of the property, approvals, prices, amenities, and possession timelines. Some of the developers and agents have a moral and legal obligation to offer original documents such as the title deed, encumbrance certificate, and RERA registration details so that buyers receive open information.
2. Right to Fair Pricing and No Misleading Advertisements
Consumers are the victims of fraudulent advertisements and inflated property prices in most cases. Builders and sellers are required to provide true and fair information on price, such as additional charges like maintenance, parking, or registration fees. Misleading advertisement and price manipulation under the Real Estate (Regulation and Development) Act (RERA) incur penalties.
3. Right to Legal Protection Under RERA
The Real Estate (Regulation and Development) Act, 2016 (RERA) has been implemented with the purpose to protect homebuyers from malpractices by builders. It mandates that all real estate developments must be registered and developers need to adhere to certain norms. Homebuyers are entitled to approach the RERA authority for complaint in the event of possession delays, shoddy work quality, or deviation from the sanctioned plan in the project.
4. Right to Timely Possession
One of the biggest concerns for home buyers is project delays. According to RERA, the builders have to comply with the deadline date of project delivery. In case of an unacceptable delay, the buyers are entitled to claim compensation or reimbursement. This ensures that customers are not left stranded after they have made their hard-earned money.
5. Right Against Unfair Contracts
3Some developers are inclined to include one-sided terms in consumer contracts in their own interest against the consumer. Buyers should negotiate terms and should read carefully before signing the contract. As per the Consumer Protection Act, unfair terms of a contract can be challenged in a court of law to ensure that the buyer is not at a disadvantage.
6. Right to Quality and Defect-Free Property
Once possession, in case the buyer finds structural defects or poor workmanship, he/she can seek rectification. As per RERA, the developer has to rectify such defects within five years of handing over possession. It protects consumers from poor quality construction and hidden defects.
7. Right to Refund and Compensation
If a developer fails to deliver the property as per the agreement or violates consumers’ rights, the consumer has the right to seek a refund or compensation. RERA ensures that consumers have the right to register complaints against developers for default and they are also entitled to refunds along with interest or compensation.
Conclusion
On World Consumer Rights Day, educating the consumers of property as regards their legal rights is imperative. Knowledge is power, and information can empower consumers to make proper decisions, avoid financial losses, and save themselves from scams. Buyers should always verify the legal status of the property, ensure RERA registration, and seek a lawyer’s advice prior to purchase. An informed buyer is a secure buyer!
