As an apartment owner, you have several rights and in this article, we have listed the important factors that you must be aware of. Every day, we consciously or unconsciously dabble with our rights as a citizen of the state. Our rights keep us safe, give us a way of belonging, and help us lead fulfilled lives. Your rights as a house owner also are a crucial part of making your enjoyment. once you buy a home, it’s on the condition that your investment pays you back manifold both in terms of property appreciation and a special sense of pride and satisfaction. to enjoy them, you need to find out about your rights as an apartment owner and the way to exercise them. Your rights as a house owner could seem trivial, and lots of may assume that they’re a given. However, knowing your rights may be a safety net, and assures your peace of mind. we’ve got listed below the foremost important rights of an apartment owner for your benefit.

Written Agreement

It is common for builders to pursue you into paying a booking amount upfront within the first few meetings to stay you hooked. However, you must bear in mind your rights regarding the payment of the booking amount. The RERA Act has capped booking amounts across the country including Tamil Nadu. in keeping with RERA Tamil Nadu, a buyer isn’t allowed to charge quite 10% of the property price as an advance payment without an agreement purchasable. A property purchase without an understanding signed between the client and also the seller is taken into account as invalid in Tamil Nadu. Booking and allotment letters are legal documents that a builder may provide you with to verify your purchase or booking apart from a receipt of your initial payment.

Stage-Wise Payment Schedules

All home buyers are entitled to receive a construction-based payment schedule with specific dates for each new update or milestone like laying the inspiration, the roof etc. The builder is predicted to close on this schedule before signing the agreement. Home buyers must look out for this schedule before moving into any agreement with the builder to shield their interests just in case of construction delays. The schedule also allows buyers to organize themselves for an upcoming payment schedule and to map out processes with their loan officer. The builder is with the client providing support and guidance through each of those steps when it involves bank-related processes.

Account Statements

All home buyers are entitled to receiving statements of accounts from the builder every three months or as requested by the client. Ever since the GST Bill was introduced, the customer is to receive a receipt of the payment made for each milestone as agreed.

Home Loan Assistance

Home buyers are entitled to receive assistance from the buyers throughout their application process. First-time home buyers often feel intimidated by the numerous documents and processes involved in applying for a loan. The builder must provide a No Objection Certificate and enter into a tripartite agreement if the customer needs one to filter any bottlenecks during the application period.

Amenities

The RERA Act protects the rights of the house buyers to receive the amenities that were promised by the builder within the brochure and advertisement materials. car parking zone, swimming pools, clubhouse, party halls etc. are a number of the common amenities that include specifications from the RERA body. If a builder doesn’t follow through on the initial list of amenities, the customer has the right to file a complaint against the builder within the RERA tribunal.

Buyer Centricity

According to the Tamil Nadu RERA body, the builder or promoter cannot make any changes or additions to the layout sanctioned by the regulatory body. This includes the plan, fixtures, amenities and fittings provided in every home. just in case of changes, they can not proceed without the written consent of a minimum of two-thirds of allottees.

Construction Delays

If the builder doesn’t adjust to the initial agreement on the date of delivery of the property, they’re vulnerable to paying interest on the property loan for each month of delay.

Owner Association Formation

According to RERA rules, the builder can promote the legal formation of entities like associations, companies, federations etc. within the primary three months from the date on which a minimum of 51% of the number of buyers within the building have booked their apartment. As a homeowner in Apartments near Shanthisadhan Apartments, you’re entitled and obliged to be a member of the apartment association formed for the welfare of residents. Owners of Apartments in Virattipathu are termed as a member of the society or association and have the proper to attend general assembly meetings and discuss their issues if any. When buying a home or Apartments in Kalavasal, it’s always best to settle on to form your purchase with top builders. other than the development quality, the top best builders in Tamil Nadu always put their customers first and protect their rights every step of the way.