The sales contract should specify the total purchase price of the unit and must set out the payment schedule for the payments to be made at each percentage of project completion. The amounts paid per percentage of project completion must not exceed the amounts set out in the following schedule:
|
Construction level |
Maximum Payment |
|
Zero construction at time of entering into binding agreement |
Initial deposit 10% |
|
20% complete |
20% |
|
40% complete |
40% |
|
60% complete |
60% |
|
80% complete |
80% |
|
Handover |
100% |
The developer must provide RERA and the buyer with a progress report stating the percentage of completion. RERA must approve this, after which the buyer has 10 days to pay the developer the specified instalment.
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