The issue of whether the Real Estate Regulatory Authority (RERA) completion date can override the possession date mentioned in the Agreement for Sale has been a subject of debate among homebuyers and developers. Many homebuyers assume that the possession date stated in their legally binding agreement remains sacrosanct, while developers often claim that the RERA completion date should be considered as the final deadline. This article explores the legal standing of possession dates under RERA, judicial interpretations, and the implications for homebuyers.
Understanding the Possession Date in an Agreement for Sale
An Agreement for Sale is a legally binding contract between a developer and a homebuyer. It typically specifies the following:
- The agreed-upon sale price and payment schedule
- The estimated date of possession of the unit
- Obligations of the developer regarding construction and delivery
- Remedies available to homebuyers in case of delays
As per the Real Estate (Regulation and Development) Act, 2016, developers are required to register their projects with the respective state RERA and provide a completion date for the project. However, this RERA completion date often extends beyond the possession date in the Agreement for Sale, leading to disputes.
RERA Completion Date vs. Possession Date
The RERA completion date is the deadline by which the developer commits to complete the project and obtain the Occupancy Certificate (OC) or Completion Certificate (CC). This date is mentioned in the RERA registration details and is available on the official website of the respective state RERA authority.
On the other hand, the possession date mentioned in the Agreement for Sale is a contractual obligation. If the developer fails to deliver possession by this date, the homebuyer has the right to seek remedies, including compensation, interest on delayed possession, or even a refund.
WHY NIRALA ESTATE?
Nirala estate is one of the BEST RESIDENTIAL ,READY TO MOVE IN project at GREATER NOIDA WEST.In this project all the phases are completed and received the OC(OCCUPANCY CERTIFICATE) which is almost 3 YEARS on before the possession date .This is one of the greatest milestone achieved by the company and set the example in the DELHI/NCR REAL ESTATE MARKET where some of the projects who are ready but not getting OC due to not fulfilling the mandatory norms by the competent authorities and some of the projects are getting delayed and not even complete super structure with in the agreement possession date. Nirala world is known for its new PUNCH LINE BEFORE TIME, EVERY TIME DELIVERY.
Conclusion
The possession date in the Agreement for Sale remains legally binding, and developers cannot rely on the RERA completion date to delay handover. Homebuyers should be aware of their rights and take legal action if developers attempt to override the contractual possession date.