Centre Proposes to Submit Model Builder-Buyer Agreement with mandatory RERA clauses before Supreme Court

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.

Supreme court directed central government to frame model builder-buyer agreement

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.

Arbitrary Builder-Buyer Agreements

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.

RERA: Where No Builder-Buyer Agreement is Signed

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.

Will RERA execute the builder-buyer agreement as the Builder fails to do so?

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?”

What if the agreement does not mention the possession date?

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.

Alteration of Builder Buyer agreement after implementation of RERA Act

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.

Does home buyers needs the speedy procedure for the execution of the RERA orders?

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.

WORKING REPORT OF RERA AFTER ITS ENACTMENT

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.

Allottees can file joint (representative) complaint against builder if grievance is same?

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.

Haryana RERA: Sell properties on carpet area, not super area

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.

Bombay High Court prohibit banks to recovering EMI from Homebuyers

Homebuyers who had taken a loan from the banks to pay for their flats in the Project, were being harassed by the banks who were forcing the homebuyers to pay their EMIs.