Possession
Possession
When the buyer receives the right to occupy the unit, normally after OC and full payment. RERA requires the promised date to appear in the agreement.
Also called: possession date
Possession is the handover of the right to occupy the flat. The agreement for sale must state the date by which the promoter will hand over possession. If the promoter fails, Section 18 of the RERA Act entitles the buyer to interest for every month of delay, or to withdraw and get a refund with interest.
The possession date your sales team quotes must match the registered RERA completion date or the agreement. Promising an earlier date verbally to close a deal is a liability.
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