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Govt takes action against unilateral deals in realty and other sectors
The government is set to revamp the Consumer Protection Act, 1986 to provide for acting against unfair terms in contracts that are skewed heavily in favour of service providers or manufacturers. Discussions are on to bring in transparent rules on unfair contracts.
Under the present laws, contracts are unilateral. Such a law will help consumers in some of the unregulated or under-regulated sectors of the economy like real estate and protect against unfair contracts.
The government is set to revamp the Consumer Protection Act, 1986 to provide for acting against unfair terms in contracts that are skewed heavily in favour of service providers or manufacturers. Discussions are on to bring in transparent rules on unfair contracts. Under the present laws, contracts are unilateral. Such a law will help consumers in some of the unregulated or under-regulated sectors of the economy like real estate and protect against unfair contracts.