I was looking for a property in Bangalore to invest in so I went to a friend to get suggestions. Since it is very hard to check out discrepancies in a project it is important for any buyer to know a few guidelines. Luckily, RERA has come up with some guidelines to maintain transparency between a buyer and the builder. My friend explained what insurance should my builder have. Let me share with you what knowledge I have gained from him.
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What insurance does a builder need?
As a buyer besides focusing on the amenities, quality of materials, and budget you should also check if the builder is providing any warranty. As per the RERA guidelines, a builder is responsible to offer workmanship for structural defects for a tenure of five years. So, after purchasing the property expenses incurred towards damages, repairs and maintenance must be taken care of by the builder.
The builder is supposed to pay for concrete foundations and floors, roofing and siding, doors and windows, paints of the house, electrical and plumbing works, dry basement, heating and cooling of the house, and septic systems for a tenure of five years. A buyer is responsible for other expenses besides these inclusions.
How to know if a builder is providing warranty for damages?Any project under the RERA Act must provide a warranty to its buyer. As per Clause 14 (3) of the Real Estate Act, a builder must pay for repair or damages for a period of five years from the date of possession, without demanding any charges from the homebuyer. If the builders fail to pay for the charges the buyer can ask for compensation. Check your sale agreement clause to claim the warranty.
I hope you know what insurance should my builder have.
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What insurance should my builder have?
Siddharth
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2 Year
2022-11-29T10:29:30+00:00 2022-11-29T10:29:32+00:00Comment
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