Karnataka RERA notifies model sales agreement after 3 years
June 18, 2020
After almost three years, Karnataka RERA has notified the model sales agreement that makes it clear that in case there is a default on the part of the developer, homebuyers can seek a refund and also stop payment. The document also states that the agreement for sale has to be registered with the sub-registrar’s office after being signed by the builder and the buyer.
According to MS Shankar, General Secretary of Forum for Peoples Collective Efforts, “We have been demanding an undiluted version of a notified agreement for sale as per model agreement notified by the government. It’s goodbye to one-sided and biased agreement for sale. This will surely make the developers more accountable.”