SC observes that homebuyers are being defrauded
Real Estate

SC observes that homebuyers are being defrauded

The Supreme Court observed on Monday that homebuyers in the country are being defrauded, necessitating the need to bring uniformity to builder-buyer agreements. The court stated that buyers are being defrauded by builders all across the country, and that is why there is a need for uniformity now. The top court was hearing a PIL filed by lawyer Ashwini Upadhyay in 2021, which said that a model agreement was required to ensure transparency and fairness and to restrain builders and agents from indulging in unfair and restrictive trade practices. Senior advocate Devashish Bharuka, assisting the bench as an amicus curiae, told the court that a final status report along with draft builder-buyer agreements had been placed on record. It was also submitted that suggestions from states had been received and incorporated. The bench said it would peruse the report of the amicus curiae and the objections to it. Earlier, the bench had allowed the stakeholders, including industry associations, to furnish their suggestions on these model agreements to the Union Ministry of Housing and Urban Affairs. The bench has posted the matter for hearing on July 19.

The Supreme Court observed on Monday that homebuyers in the country are being defrauded, necessitating the need to bring uniformity to builder-buyer agreements. The court stated that buyers are being defrauded by builders all across the country, and that is why there is a need for uniformity now. The top court was hearing a PIL filed by lawyer Ashwini Upadhyay in 2021, which said that a model agreement was required to ensure transparency and fairness and to restrain builders and agents from indulging in unfair and restrictive trade practices. Senior advocate Devashish Bharuka, assisting the bench as an amicus curiae, told the court that a final status report along with draft builder-buyer agreements had been placed on record. It was also submitted that suggestions from states had been received and incorporated. The bench said it would peruse the report of the amicus curiae and the objections to it. Earlier, the bench had allowed the stakeholders, including industry associations, to furnish their suggestions on these model agreements to the Union Ministry of Housing and Urban Affairs. The bench has posted the matter for hearing on July 19.

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