Builders prioritising RERA compliance
delays in launches will not be a deal breaker.
Also, by making sure that their communication to buyers is not misleading and there are enough disclosures with regard to provisions for timely delivery, details of penalty, the interest to be charged, refund policy etc, builders are trying to build bridges with the customers, bringing back the trust with the transparency in communication, he says.
Developers’ attempt at selfdiscipline is good. But if the provisions of the Act give better advantage to buyers, the buyers will be entitled to it. For example, it is good to note that developers and buyers will pay interest at the same rate for their respective breaches but instead of 12% if the Act/rules/ draft agreement provide for more, it would guide the relationship. The general principle is that the parties cannot get out of a statute (in the agreement), adds Sudip Mullick, senior partner, Khaitan & Co.