Rights of a flat-buyer under Real Estate Development and Management Act 2010-Real Estate and Property Law in Bangladesh
The Real Estate Development and Management Act 2010 protects rights of flat buyer. The government of Bangladesh enacted this law as the Government felt the necessity to enact a special law to protect the rights land owners and flat buyers or plot buyers. The Act also describes the responsibilities of a real estate company while it is engaged in the business of developing a property in joint venture with a land owner and selling flats or plots to customers.
The act contains several provisions to save grad the rights of real estate buyers. Any Real Estate developer is not allowed to take any interest other that installment unless the flat is ready to deliver with structural development, electricity, gas and water supply [In accordance with section …. Of real estate act]
In case the buyer misses any installment or total payment on time and whatever the term says in the agreement/contract paper a notice must be served before 60 days of cancelation of the allocation of the flat [In accordance with section …. Of real estate act].
The seller must return the deposited money through account payee Cheque within 3 months of the cancellation of the allocation.
If the buyer wants to make late installment payment for the flat then s/he can do so with 10% extra interest on each installment.
The buyer can write an application to cancel the allotment to the developer. In such case developer will deduct 10% from the paid money and return the rest amount at a time with cheque or a pay-order within 3 months.
Another provision which has been added in the act is for any dispute arising out of matters relating to this act both the parties must try to resolve the dispute through arbitration only if arbitration fails or one party does not respond to the invitation to the arbitration only then a case can be filed in the court. However, although this is a special law but still prosecution under this act in magistrate court are quiet lengthy.