When it comes to buying or selling a property in India, the Real Estate (Regulation and Development) Act, 2016 (RERA) has brought about a lot of changes in the real estate market. One of the most important aspects of RERA is the RERA agreement draft, which is a legal document that outlines the terms and conditions of the agreement between the buyer and the seller.

The RERA agreement draft is a legally binding document that is mandatory for all real estate transactions falling under the ambit of RERA. It is a detailed agreement that covers all the aspects of the property transaction, such as the price, payment schedule, possession date, and other terms and conditions. The purpose of the RERA agreement draft is to protect the interests of both the parties and ensure transparency in the transaction.

The RERA agreement draft contains various key sections that need to be carefully drafted and reviewed by both the parties. Some of the sections that are crucial in the RERA agreement draft include the following:

1. Price and Payment Schedule: This section outlines the price of the property and the payment schedule. It should include details of the deposits, installments, and the final payment.

2. Possession Date: This section outlines the expected date of possession of the property. It should include details of the penalties that would be imposed if there is a delay in the possession.

3. After-sales Services and Maintenance: This section outlines the services that the seller will provide after the sale of the property, such as maintenance and repair services.

4. Force Majeure: This section outlines the circumstances under which either party can cancel the agreement due to unexpected events such as natural disasters, war, or government orders.

5. Termination and Cancellation: This section outlines the circumstances under which the agreement can be terminated by either party.

6. Dispute Resolution: This section outlines the procedure for resolving any disputes that may arise between the buyer and the seller.

It is important to note that the RERA agreement draft must be registered with the respective state RERA authority. The registration of the agreement ensures that it is legally binding and enforceable.

In conclusion, the RERA agreement draft is a vital document for any real estate transaction under RERA. It protects the interests of both the buyer and seller and ensures transparency in the transaction. Therefore, it is important to draft and review the RERA agreement draft carefully before signing it.