The 1[Karnataka] Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1972

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General197219 sections

This law protects people who buy flats in Karnataka by regulating how builders promote and sell them. It applies to anyone who builds or sells flats, known as promoters, and the buyers. The Act requires builders to fully disclose important details like their ownership of the land, any legal issues with the property, approved building plans, amenities provided, and the exact date possession will be handed over. By enforcing these rules, the law ensures transparency in real estate transactions, helping buyers make informed decisions and preventing fraud or hidden liabilities.

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0. Preamble
1. Adapted by the Karnataka Adaptations of Laws Order, 1973 w.e.f. 01.11.1973
2. Definitions.- In this Act, unless the context otherwise requires,-
3. General liabilities of promoter
4. Promoter before accepting advance payment or deposit to enter into agreement and agreement to be registered
5. Promoter to maintain separate account of sums taken as advance or
6. Responsibility for payment of outgoings till property is transferred.-
7. After plans and specifications are disclosed no alterations or
8. Refund of amount paid with interest for failure to give possession
9. No mortgage etc., to be created without consent of parties after execution of agreement for sale
10. Promoter to take steps for formation of co-operative society or company
11. Promoter to convey title, etc., and execute documents, according to agreement
12. General liabilities of a person who takes a flat
13. Manager not to cut off, with-hold, curtail or reduce essential supply or service
14. Offences by promoter
15. Offences by Companies
16. Power to make rules
17. Act to be in addition to Transfer of Property Act and to over-ride contract to the contrary
18. Act not to apply to the State Government, Housing Board, etc.-

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