What to do if the payment terms for land purchase change due to RERA introduction in Maharashtra?

Question from abc, What to do if the payment terms for land purchase change due to RERA introduction in Maharashtra?

Answer from AI:

The Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced to protect the interests of home buyers and to boost investments in the real estate sector. The Act brought about several changes, including the definition of carpet area.

Understanding Carpet Area as per MOFA and RERA

Before RERA, the Maharashtra Ownership Flats Act (MOFA) was in place, and the definition of carpet area under MOFA was different from that under RERA. Under MOFA, carpet area was the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment. However, RERA defines carpet area as the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.

Legal Implications

If you had a verbal agreement with the seller to pay based on the MOFA carpet area, and the agreement is not yet registered, it may be challenging to enforce this agreement. Verbal agreements can be legally binding, but they are often difficult to prove.

It’s important to note that RERA mandates that all real estate agreements must be registered. This is to ensure transparency and to protect the interests of all parties involved.

What You Can Do

Here are some steps you can consider:

1. Consult with a legal professional: Given the complexities of real estate laws, it would be beneficial to consult with a legal professional who can provide personalized advice based on your situation.
2. Document your agreement: If possible, try to get your agreement in writing. This could provide some legal protection if disputes arise in the future.
3. Register your agreement: As per RERA, it’s important to register your agreement. This will make it legally enforceable and provide you with legal protection.

Remember, this information is a general guideline and not legal advice. Laws can vary, and legal situations can be complex. Always consult with a legal professional for advice tailored to your situation.

For more information on RERA, you can visit the Maharashtra Real Estate Regulatory Authority’s website.