Supreme Court: Nationwide Uniform Builder-Buyer Agreement Needed

10 Jul 2024 CW Team

The Supreme Court of India has highlighted the importance of implementing a uniform builder-buyer agreement across the country. This move is aimed at protecting homebuyers from fraudulent practices and ensuring transparency in real estate transactions. The court emphasised that a standardised agreement would help prevent exploitation by unscrupulous builders, providing a consistent framework for transactions. The decision comes in response to increasing complaints from homebuyers about delays, hidden charges, and other malpractices by builders. The bench, led by Justice D.Y. Chandrachud, pointed out that a uniform agreement would include clear terms on project timelines, penalties for delays, and specifications for construction quality. This would help safeguard the interests of homebuyers and promote fairness in the real estate market. Currently, the lack of a standardised agreement allows builders to include terms that may be disadvantageous to buyers. A uniform agreement would eliminate ambiguities and ensure that all parties are aware of their rights and obligations from the outset.

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