MoHUA frames agreement for sale rules for UTs without legislatures

The ‘Agreement for Sale’ rules under the provisions of RERA Act  have been framed for Union Territories (UTs) without legislatures and sent to the states and UTs for adoption.

Besides for redressal of the issues of stalled project across Noida, Greater Noida and Yamuna Expressway Authorities, a high-level committee was constituted by the Uttar Pradesh Government under the chairmanship of Secretary of Ministry of Housing and Urban Affair. The ministry has sent its recommendations to UP government  for the necessary action.

This information was provided by Minister of State for Housing and Urban Affairs Kaushal Kishore.

Seeking to  protect the interest of homebuyers the Section 4 of RERA has made the provision for compulsory deposit of 70% of the realised amount for real estate projects received from the allottees in a separate bank account. Inter-alia RERA also makes the promoter liable for refunding the amount towards compensation and interest in-case the developer fails to complete or is unable to give possession plot, or an apartment, building to the home buyers according to the terms of the sale agreement.