Rights of allottees
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Have the right to obtain all information about the project such as copies of sanctioned plans, layout approvals, and specifications approved by the Competent Authority and copies of all documents such as Title Deeds.
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Need not give the promoter an advance exceeding 10% of the cost of the apartment, plot, or villa without entering into a written, registered agreement for sale in the prescribed format.
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If the promoter fails to give possession of the apartment, plot, or building, as per the terms of the agreement, or discontinues the business due to suspension or revocation of registration under this Act or related Rules and Regulations, then the allottee can claim the refund of the amount paid along with interest at a prescribed rate and compensation, as provided by this Act. In case the allottee wants to continue with the allotment, he can claim interest for delay. The interest rate prescribed in both cases is the Benchmark Prime Lending Rate (BPLR) of State Bank of India plus two percent.
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Have the right to take possession of the apartment, plot or building and execute the Conveyance Deed within two months of receiving the Occupancy Certificate.
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If the developer fails to provide possession of the completed project on the agreed date, the buyer can claim interest for delay or receive a refund of the paid amount along with interest by filing a complaint with K-RERA.
Duties of allottees
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Every allottee is responsible for paying monthly instalments to the promoter in the manner and within the time as specified in the registered agreement for sale, the share of the registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent, and other charges if any. He/ She shall be liable to pay interest for any delay to the promoter in payment towards any amount or charges to be paid as specified in the registered agreement for sale. The interest rate prescribed is the Benchmark Prime Lending Rate of State Bank of India plus two percent.
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Shall join as a member of the Association of Allottees.
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Shall pay common area maintenance charges to the Association.
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Shall take possession of the apartment within two months of receiving the Occupancy Certificate for the project and execute the Conveyance Deed within three months of receipt of Occupancy Certificate.