Period for which the promoter is liable for any structural defects
The promoter is liable for any structural defects up to 5 years from the date of handing over the possession.
How much money a promoter can collect towards the booking of an appartment/flat
The promoter cannot collect more than 10 percent of the total apartment/flat value as an advance.
What is the Agreement for sale and is it binding on the promoter and the allottee?
The format of Agreement for sale to be entered into between the promoter and the allottee has been prescribed as Form-G under the Rules. This Agreement is binding on the parties.
What is the obligation of the promoter as regards transfer of title of the apartment/plot?
There are provisions regarding transfer of title of the apartment and the project to the allottee and the association of the allottees respectively.
What is obligation of the promoter towards return of amount and compensation to the allottee?
Various situations in which the allottee would be compensated by the promoter due to delay in completion of the project etc.
In case of delay in getting possession from the promoter, will the buyer be
entitled to get interest on the amount paid by him, for such delayed period?
Yes. In accordance with the Agreement for Sale as prescribed in Form-G, if the Promoter fails to abide by the time schedule for completing the project and handing over the [Apartment/Plot] to the Allottee, the Promoter agrees to pay to the Allottee.