After RERA was set up in the state, the regulator directed the builders to follow the new agreement to sale format in registration of documents with the allottees.
An official informed, Sec 13(1) of RERA Act 2016 states that a promoter shall not accept a sum more than 10% of the cost of the apartment as an advance payment or an application fee from a person without first entering into written agreement for sale and register it with sub- registrar. The order dated May 6 reads, in view of the corona pandemic (May 15, 2020) it was ordered that once an agreement for sale is executed on a stamp paper of appropriate value between promoter and the allottee, pending registration of the agreement should be registered preferable in four months or within eight months of execution. “Now, in view of the second wave of Corona pandemic, the order dated May 15 2020, shall continue to be in force till March 31, 2022.”
An official informed, Sec 13(1) of RERA Act 2016 states that a promoter shall not accept a sum more than 10% of the cost of the apartment as an advance payment or an application fee from a person without first entering into written agreement for sale and register it with sub- registrar. The order dated May 6 reads, in view of the corona pandemic (May 15, 2020) it was ordered that once an agreement for sale is executed on a stamp paper of appropriate value between promoter and the allottee, pending registration of the agreement should be registered preferable in four months or within eight months of execution. “Now, in view of the second wave of Corona pandemic, the order dated May 15 2020, shall continue to be in force till March 31, 2022.”
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