“We have requested an unsealed version of a notified agreement for sale in accordance with the standard agreement notified by the government. It is a farewell to unilateral and biased sales agreements. This will certainly make developers more accountable,” MS Shankar, secretary general of the People`s Collective Efforts Forum, told Moneycontrol. Karnataka RERA notified the model purchase contract after nearly three years. The document makes it clear that homebuyers can request a refund and also stop paying in the event of a developer default. It requires that the sales contract be registered in the sub-shelter after signing by the owner and the buyer. The long wait for a standardized and uniform agreement for sale throughout the state is over. The government has notified the Karnataka Real Estate (First Amendment) Rules, 2020. Recalling the main benefits of the new agreement, Mr. S. Shankar, Secretary General of the FPCE, said: “In accordance with the notified rules, the promoters of the project are responsible for registering the sale agreement with the Sub-Registrar And the constitution of the allottees association, transmitting the common areas to the association, handing over the original title deed and associated documents and ensuring the transfer of the maintenance to the allottees association.” According to K S Latha Kumari, Secretary Karnataka RERA, this agreement would allow a uniform procedure for all owners and developers. “Through this communication, the developer must, for example, enter into a sale agreement if he wishes to receive more than 10% of the total value of the real estate as a down payment.

Previously, there was no guarantee for this amount paid by the consumer. This document will allow buyers to do so. It will also help them anticipate the clauses they accept,” she said. “After receiving the Certificate of Completion/Certificate of Occupancy/Final Letter of Authorization, the proponent proposes in writing to the competent authority the possession of the dwelling or the seal within the meaning of this agreement, which must be concluded within two months of the date of issuance of the certificate of completion/certificate of occupancy/the final letter of design authorization,” the document states.