Answer By law4u team
Under the Real Estate (Regulation and Development) Act, 2016 (RERA), builders and developers have specific responsibilities regarding project quality to ensure that homebuyers receive a high standard of construction and that their rights are protected. The key responsibilities of builders and developers under RERA include: Adherence to Approved Plans and Specifications: Builders and developers are required to construct the project in strict accordance with the approved plans, layouts, and specifications. Any changes or alterations to the project design must have the consent of at least two-thirds of the homebuyers. Quality of Construction: RERA mandates that the quality of construction materials used in the project must meet the standards specified in the agreement with the buyers. Builders are responsible for ensuring that the construction is durable, safe, and complies with applicable quality norms and standards. Five-Year Defect Liability Period: Builders and developers are liable to fix any structural defects, poor workmanship, or quality issues in the project for a period of five years from the date of possession. If any defects are found during this period, the builder must rectify them at no additional cost to the buyer within 30 days of receiving the complaint. Timely Completion and Delivery: Builders must complete the project within the stipulated time frame as mentioned in the agreement with the buyers. Delays in project completion can lead to penalties or compensation payments to the buyers, as specified under RERA. Transparent Disclosures: Developers are required to disclose complete information about the project, including its construction status, approvals, land title, and project schedule, on the RERA website. They must also provide regular updates to the homebuyers about the project's progress. Use of Funds: Builders and developers are required to deposit 70% of the funds collected from homebuyers into a separate escrow account. This amount should be used exclusively for the construction of the project and the land cost, preventing the diversion of funds to other projects. Obtaining Necessary Approvals: Builders must ensure that all necessary approvals, permits, and clearances from relevant authorities are obtained before the commencement of the project. They are also responsible for maintaining the legal status of these approvals throughout the project's lifecycle. No Misleading Advertisements: Builders are prohibited from advertising or marketing the project with false promises or misleading information. They must ensure that all promotional material accurately reflects the features, amenities, and specifications of the project as mentioned in the agreement. Registration with RERA: It is mandatory for builders and developers to register their projects with the respective state RERA authority before advertising or selling units. This registration ensures that the project complies with RERA regulations and that buyers have legal protection. Compensation for Non-Compliance: If a builder fails to meet the commitments made in the sale agreement, they are liable to compensate the buyer. This includes scenarios where the buyer withdraws from the project due to delays or if the builder is unable to deliver as promised. These responsibilities ensure that builders and developers maintain high standards of project quality, transparency, and accountability, ultimately protecting the interests of homebuyers and promoting a trustworthy real estate market.
