Delhi-based bench of NCLT passed an order by allowing a plea filed by the Residents Association for breach clauses of the agreement between the builder and the association, terming it as default.
Incorporation of one-sided clauses in the agreement where the buyer is expected to sign on the dotted lines having no other option would amount to unfair trade practices under the Consumer Protection Act, 1986.
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.
A healthy relationship between the two can only be considered once agreement is being formed, duties are assigned, wages are fixed, and social security and benefits are rendered.
Section 7 of the Arbitration and Conciliation Act, 1996 defines an arbitration agreement as “an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not.
In Banking Industry, the Borrower is not in a position to negotiate the Terms of the Loan Agreement, especially in cases of Home Loans, hence there is inequality of Bargaining power among Home Buyers.
The process is not too tedious and is generally accepted by the court, thus, helping the parties to resolve disputes in a time bound manner.
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.
A milestone judgement by the MahaRERA Authority to ensure the development of the real estate industry by protecting the homebuyer’s interest by balancing the rights of homebuyers as well as project developers.
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.
The buyer enters into an agreement where the builder deliberately mentions vague clauses in the Builder Buyer Agreement in order to evade liability.
The Maha RERA authority has ordered builder cannot take the defense of force majeure clause for financial crisis and lack of approvals in any project.
The Karnataka state government is yet to come out with format to agreement for sale (AOs) as specified under section 84 of the act.
The state of Karnataka is yet to come out with the “Agreement of sale” (Aos) specified in the act. The Aos is come as boon for the home buyers
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