If you are looking to purchase a property in Gurgaon, it is important to have a clear understanding of the legalities involved in the transaction. One of the most crucial documents in this regard is the builder buyer agreement registration.
A builder buyer agreement is a legal document that outlines the terms and conditions of the property purchase between the builder and the buyer. It contains detailed information on the property, payment terms, possession date, penalties for delay, and other important clauses that protect the interests of both parties.
The registration of the builder buyer agreement is a mandatory process under the Real Estate (Regulation and Development) Act (RERA), 2016. The act aims to regulate the real estate sector in India and protect the interests of buyers. It mandates that all builders and developers register their projects with the state RERA authority before advertising or selling them.
The registration of the builder buyer agreement provides legal sanctity to the transaction and ensures that both parties adhere to the terms and conditions outlined in the agreement. It also makes it easier for buyers to seek legal recourse in case of any disputes or breaches by the builder.
In Gurgaon, the registration of the builder buyer agreement is done online through the Haryana Real Estate Regulatory Authority (HRERA) website. Buyers need to create an account on the website and fill in the required details to register their agreement. They also need to pay a fee based on the value of the property.
Once the agreement is registered, buyers can access a copy of it on the HRERA website, which can be used as proof of ownership and possession of the property. It is important to note that the builder cannot alter the terms and conditions of the agreement after registration without the consent of the buyer.
In conclusion, the builder buyer agreement registration is a crucial step in a property purchase in Gurgaon. It provides legal protection to both the builder and buyer and ensures a smooth transaction. As a buyer, it is important to ensure that the agreement is registered and adhere to the terms and conditions outlined in it.