It is always a proud moment when you buy a house of your own. You have probably waited for this all your life and when you finally find the perfect house, there is no stopping you from signing on the dotted line. However, before you do that, it is important to keep in mind a few things. A recent press release from the Tamilnadu Real Estate Regulatory Authority (Released in Times of India newspaper, Chennai edition on 6th November 2022), highlights 5 key points that prospective buyers should be aware of before signing "Agreement of Sale & Construction Agreement" when buying flats in Tamilnadu.
1. Check if Agreement for Sale & Construction Agreement are as per the “Model Agreement” notified by the Government of Tamilnadu. You can download it from the TNRERA website (https://rera.tn.gov.in/)
2. Don't pay more than 10% of the Apartment price as an advance payment, without registering the “Agreement for sale”
3. Apartment area must be sold in terms of Carpet Area Only. Carpet Area means excluding External Walls, Service shafts, Exclusive balcony or verandah area, Exclusive open terrace area but includes Internal partition walls
4. Carpet Area of each Flat is available under Registered Project details hosted in TNRERA website
5. Check if the real estate project you are interested is a RERA Registered Project
Therefore, before you buy a flat, it is essential to do your research and due diligence to ensure that you are making a wise investment. The most important factor to consider is the regulatory environment in which the property is located. In India, the Real Estate Regulatory Authority (RERA) has been established to protect the rights of buyers and promote fair and transparent practices in the real estate sector. Understanding the terms and conditions of the sale agreement and being aware of your rights and responsibilities as a buyer is absolutely crucial before buying a flat. By taking the time to familiarise yourself with these important points, you can help to make sure that your purchase goes smoothly and that you are happy with your new home.
DRA Homes is one of the top real estate builders in Chennai, specializing in luxury apartments and flats. If you're interested in purchasing a flat in OMR Chennai, we can provide you with all the information and clarity you need on the above points..
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