The Real Estate Regulatory Authority (RERA) has recently introduced new rules for termination of contracts in light of the COVID-19 pandemic. These rules apply to all real estate projects registered under RERA.
The COVID-19 pandemic has disrupted economies around the world, and the real estate industry has been no exception. As a result, many home buyers have faced financial difficulties and have been unable to make regular payments towards their property. In light of this, RERA has introduced new rules to provide relief to home buyers.
According to the new rules, if a buyer is unable to make payments due to the COVID-19 pandemic, the developer cannot terminate the contract for a period of six months. This means that home buyers who are unable to make payments due to the pandemic will have a grace period of six months before the developer can take any action against them.
In addition, if a home buyer is unable to complete the transaction due to the COVID-19 pandemic, the developer cannot forfeit the booking amount. Instead, the booking amount will be refunded to the buyer within 30 days.
These new rules have been introduced to provide relief to home buyers who are facing financial difficulties due to the pandemic. However, it is important to note that these rules only apply to cases where the non-payment or non-completion of the transaction is directly related to the COVID-19 pandemic.
In order to benefit from these rules, home buyers will need to provide proof that their inability to make payments or complete the transaction is directly related to the pandemic. This could include documents such as job loss or salary reduction letters, medical bills, or any other relevant proof.
In conclusion, the new RERA rules for termination of contracts in light of the COVID-19 pandemic provide relief to home buyers who are facing financial difficulties. However, it is important for buyers to provide proof that their situation is directly related to the pandemic in order to benefit from these rules. As the situation with the pandemic continues to evolve, it is important for home buyers to stay informed about any changes to the rules and regulations governing the real estate industry.