Generally, on a project, there will be multiple contracts, EPC agreements, back to back contracts, several service level agreements, agreement of sale, Sale Deeds. Several obligations by the several contractors, customers, parties, bankers, etc. The project will be successful only after all the parties perform their obligations as per the respective contracts.
It’s very important to know the important legislature in this area, let’s have a brief understanding of the important legislation as mentioned below:
- SARFAESI Act is enacted with a view to regulating securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto.
- Section 13 of the SARFAESI Act deals with Enforcement of Security Interest. As per Section 13, any security created in favor of a secured creditor may be enforced, without the intervention of court or tribunal.
- Another important Act is: The Real Estate (Regulation and Development) Act 2016. The important points as per this Act are:
- Prior to booking or offering apartments for sale, the promoter has to register their project with the authority. The registration requirement is for both resident and commercial projects.
- Each phase shall be considered as a standalone project and registration of each phase is mandatory.
- The promoters of the projects which have not received completion certificate shall make application to the Authority for registration of project within 3 months from the date of the commencement of the Act.
- Projects which shall not be required to be registered where the area of the land proposed does not exceed 500 Sq. its or the no. of apartments to be constructed does not exceed 8 apartments.
WHAT JUSTACONTRACT.COM DOES IN REAL ESTATE?
- PREVENTION IS BETTER THAN CURE!
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- JUSTACONTRACT.COM has developed a video on Real Estate which focuses more on Important Legislation with an intent to create awareness of your rights as provided by Law.
- This video will guide you the object of the legislation and also guide you on the precautions that need your attention. JUSTACONTRACT.COM comes with a unique concept that awareness of your contract terms and conditions are vital.
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- We are confident that once you go through Real Estate Video, you can understand your rights as per Law and accordingly enter into appropriate agreements and resolve any issues that may arise in those agreements. Therefore, when you are entering into any Real Estate Agreements, you can go through the same in detail and if you feel the terms and conditions are ok, accordingly you can go ahead!
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