A builder-buyer agreement with mandatory clauses that the states or union territories cannot change has been proposed to the Supreme Court by the federal government.
It is important to frame a model builder-buyer agreement to seek out transparency and uniformity and to protect the interest of homebuyers and consumers from builders’ unfair practices.
We often talk about the rapid growth of the real estate sector in India but forget to talk about the legal documents that play a very crucial role in the aforesaid sector. And builder buyer agreement is one of the most important documents for homebuyers.
Although, the home-buyers are taking a sigh of relief but what if there is no Builder-Buyer agreement executed between the Builder and buyer.
After the implementation of Real Estate (Regulation and Development) Act, 2016, any person who is aggrieved because of the delay in execution of buyer builder agreement after payment of more than 10% of the cost of apartment/plot/building can a file a complaint before RERA Authority of the State for execution of the agreement. If builder denies to execute … Continue reading “Will RERA execute the builder-buyer agreement as the Builder fails to do so?”
Not mentioning the date of giving possession to the buyer is a clear matter of fraud and misrepresentation and as per the Maharashtra Ownership of Flats Act of 1963.
One of the burning issues since the implementation of the RERA act is, the overriding effect of the RERA Act over the builder-buyer agreement.
RERA does not speaks about the alteration of the terms and condition of the agreement to sale but if there is any contradiction, it is understood that law will prevail.
If there is any breach in the terms and conditions of the builder-buyer agreement or delay in possession of the property then a home-buyer can directly approach to the RERA Authority to avail the legal recourse.
A detailed article where you will know every thing about an arbitration clause and how it can impact the Builder-Buyer agreement.
Possession for fit-out basis is a term that has gained significant traction in the real estate sector, particularly in burgeoning urban areas like Noida. This concept allows property buyers to take early possession.
The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted in India to regulate the real estate sector and protect the interests of homebuyers.
In the past five years of RERA, it has been successful to tackle the issues between the Home Buyers and Builders or Developers and providing transparency into the real-estate projects.
If a buyer is dissatisfied with the RERA Authority’s judgement, he or she may file an individual appeal or a buyers’ group may file a collective appeal with the RERA Authority.
Supreme Court and High Court have given several decisions, saying that sale of properties on the basis of super area was just cheating the customers, and the authority has decided to take measures to stop this.
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