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Draft Real Estate Agreement Rules approved by Shri M.Venkaiah Naidu

Timely completion of the project and timely delivery of the apartment or plot to the allottee by the promoter is the essence of the Agreement to be signed between the promoter and allottee under the Real Estate (Development & Regulation) Act, 2016. This has been explicitly incorporated in the Draft Agreement for Sale Rules, 2016 under the Real Estate Act approved by the Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu. Allottees on their part would be required to ensure timely payments.
•    Ministry of Housing & Urban Poverty Alleviation has firmed up the Draft Agreement for Sale Rules, 2016 applicable for the five Union Territories of Chandigarh, Andaman & Nicobar Islands, Daman & Diu, Dadra and Nagar Haveli and Lakshadweep. These Draft Rules will now be placed in public domain for comments and suggestions before final notification.
•    The Draft Agreement for Sale Rules,2016 which specify the roles, responsibilities and obligations of promoters and allottees besides a Draft Agreement to be signed under the Act between promoter and allottee clearly stipulate that “The Promoter agrees and understands that timely delivery of possession of the (Apartment/Plot) is the essence of the Agreement”. 
•    Under these Draft Rules, promoter is required to clearly indicate the date of delivery of possession to the allottee in the Agreement itself. However, there is a provision for extension of this date in case of delay caused by due to war, floods, drought, fire, cyclone, earthquake or any other calamity caused by nature.
•    Under these Draft Agreement for Sale Rules,2016, there shall be a clear mention in the Agreement of date of grant of commencement certificate, clear land title giving the area of project and Khasra numbers, number of stories and plots in the project, carpet area and common area,  share of allottee in common area, total price etc.

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