To ensure that promoters in Union Territories deliver their residential projects on time, the Draft Agreement for Sale Rules, 2016 under the Real Estate Act Real Estate (Development & Regulation) Act, 2016 has made it a mandate on the promoters to sign a pact with the allottee indicating the date of delivery of possession of flat or residence.
"However, there is a provision for extension of this date in case of delay caused due to war, floods, drought, fire, cyclone, earthquake or any other calamity caused by nature," as per the Draft Agreement for Sale Rules, 2016 under the Act approved by the Minister of Housing & Urban Poverty Alleviation M Venkaiah Naidu. An official statement said here, allottees on their part would be required to ensure timely payments.
The Draft rules will be applicable for the five Union Territories of Chandigarh, Andaman & Nicobar Islands, Daman & Diu, Dadra and Nagar Haveli and lakshadweep while these have been placed in public domain for suggestions. There shall be a mention in the agreement of date of grant of commencement certificate, clear land title giving the area of project and Khasra numbers, number of stories and plots in the project, carpet area and common area, share of allottee in common area, total price etc.
The statement added that the total price is defined as including cost of land, cost of construction of apartment and common areas, internal and external development charges, taxes, cost of electric wiring and fire-fighting equipment. In case of loss caused to allottee, the promoter shall pay compensation and such claim shall not be barred by limitation provided under any law for the time being force.