Tnrera Sale Agreement

The judge of TNRERA, G Saravanan, stated that, since the owners of the land had executed a general power of attorney (GPA) to the developer and that the developer had executed the inventory of the undivided share for the benefit of the purchasers, only the opponent of the first resort, the company, falls into the category “promoter” and not the lessor. In two separate petitions, Yogi Saraf and Rinku Saraf stated that they had booked two apartments in Ozon`s “The Metrozone” project on Pillayar Koil Street, Anna Nagar, Chennai, and concluded two separate sales and construction agreements on September 20, 2019. Mr. TNRERA indicated that the purchaser could not be forced to take possession of the dwelling if a contractor does not return the unit within the contract time frame or within a reasonable period of time if he does not return the unit. 24 complainants who had booked apartments in the project had reached an agreement with the developer, Crescentz Square. Under a tripartite loan agreement between the developer, the purchaser and Axis Bank under the subsidy scheme, Ozone agreed to pay interest on behalf of the buyers until the date of the delivery of the apartments, but had not completed construction within the agreed time frame, the buyers found. In addition, the proponents are legally bound and liable, either with a prison sentence of up to three years, or compensation of up to 10 per cent of the total cost of the project, in the event of a violation of respect or violation of the planned land ownership, completion and maintenance of the project. Therefore, we believe that developers should be extremely careful when providing accurate estimates of their projects and the sales contract. Registration of all real estate projects and real estate agents is mandatory at RERA.

Without registering the project with RERA, no sale can take place in a real estate project. These rules apply to all ongoing and future projects, where the area exceeds 500 square metres or where the number of planned dwellings exceeds eight, including all phases.

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