The project approved by Somanna is awaiting cabinet approval. „The notification shall conform to the format of the Centre. We will implement it as it is. This will help all home buyers, especially the middle class, as the owners will have to comply with the conditions set by the agreement,“ Somanna explained. The sales contract must be registered with the sub-registrar`s office after being signed by both the Allottee and the organizer. M.S., Secretary General of the FPCE, highlights the main benefits of the new agreement. Shankar said: „According to the notified rules, the promoters are responsible for registering the sales contract at the sub-registrar`s office and setting up the Allottes Association, transferring the community areas to the association, handing over the original deed of ownership and related documents, and ensuring the transfer of maintenance to the Allottes Association.“ „The purchase agreement stipulates that possession of units should only be granted to buyers after receipt of the certificate of occupancy, provided that the unit is fully habitable with all equipment and facilities insured. This will make project owners more accountable and transparent,“ Shankar added. „We have requested an undiluted version of a notified sales agreement, in accordance with the standard agreement notified by the government.
It is a farewell to a unilateral and biased deal for sale. This will certainly make developers more responsible,“ MS Shankar, secretary general of the Forum for Peoples Collective Efforts, told Moneycontrol. „The developer, upon receipt of the certificate of completion / certificate of occupancy / final letter of authorization for the layout, offers in writing by the competent authority to allotte the possession of the apartment / land within the meaning of this agreement, which must be taken within two months from the date of issue of the certificate of completion / certificate of occupancy / letter of final approval of the layout,“ the document states. Shankar Srinivasan (Convener des Karnataka Chapter – Fight for RERA) explained: „This agreement, now respected throughout the state of Karnataka, will benefit all home buyers of all economic classes. The format of the contract ensures that it is balanced and that it does not only favour the client, as was often the case before.. . . .