What Exactly Does A Builder’s Warranty Cover?
A builder’s warranty cover is protection offered by the builder for newly constructed homes, under which they are responsible for fixing structural issues for five years following the date of handover. After being added as a clause under RERA, the phrase has grown in prominence. See what it includes in its entirety.
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Homebuyers have frequently in the past brought up structural issues with a newly constructed home. Among other things, seepage problems, leaks, and moisture are some typical indicators that a building’s structural integration is incorrect and that the construction standards have not been followed. Due of this, many purchasers of new houses have chosen to purchase warranties that guarantee the replacement or repair of certain home components. As a result of growing worries like these, several developers have begun offering a warranty known as a “builder’s warranty” that covers both the upkeep of basic services and damages resulting from construction errors.
What exactly is a builder’s warranty?
A damage cover for customers under a builder’s guarantee is provided by certain provisions in the Real Estate (Regulation & Development) Act, 2016 (RERA). The issue of builders’ accountability, which in the past required much thought, has been addressed by RERA. The builder must provide workmanship for structural flaws for a period of five years under the present regulations. The costs incurred for damages, repairs, & maintenance will go into the builder’s fund after the property is purchased. In accordance with Section 14(3) of the Real Estate Act, a builder is required to correct any damages brought to his attention by a homebuyer within five years of the date of possession, free of charge.
Within 30 days of the developer being made aware of the problem, it must be resolved. The homebuyer may be entitled to compensation under the Act if the developer refuses to comply. Many developers used to limit the time for repairing issues to just two years in the selling agreements in the past.
Houses are chosen by buyers based on a variety of criteria, including location, price range, amenities, & even the builder. But the builder’s warranty is a significant element that most people are often unaware of. The factors covered by the warranty should be understood by a prospective homeowner.
Inclusions & exclusions of the builder’s warranty
Here is a detailed list of everything covered by the builder’s warranty. The exposed components are covers by the customer’s warranty; therefore, in the event of a flaw, the buyer is liable for their upkeep and repair.
| Covered elements | Uncovered elements |
| Doors and windows | Insect damage |
| Concrete foundations and floors | Household appliances |
| Heating and cooling of the house | Minor cracks in the house |
| Roofing and siding | Expansion and shrinking of the house |
| Garage doors | condensation or wetness brought on by a home’s insufficient ventilation |
| Paint of the house | Normal fading of paint |
| Dry basement | Any weather-related issues |
| Electrical and plumbing works | Any flaws that result from the homeowner’s work after the builder’s work has been finished |
| Septic systems |
Prospective homebuyers continue to have significant concerns about the quality of real estate projects. The primary beneficiaries of providing security against subpar construction are the buyers, and the sellers are compel to maintain the calibre of their undertakings. The builder’s warranty represents a development for the Indian real estate market. The five-year clause has raised morale in the real estate industry, which has helped the sector flourish as a result of better communication between the buyer and seller.
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