SC Emphasises Need for Uniform Buyer-Builder Agreement

10 Jul 2024 CW Team

The Supreme Court has underscored the urgency of implementing a uniform model builder-buyer agreement across India to safeguard homebuyers from fraudulent practices. The move aims to standardise contractual terms between real estate developers and buyers, ensuring transparency and protecting consumers' interests in property transactions.

Recent cases of homebuyer fraud have highlighted discrepancies and unfair practices in existing builder-buyer agreements, prompting the Supreme Court to advocate for a standardised approach. The uniform agreement would establish clear guidelines on payment schedules, project timelines, quality standards, and dispute resolution mechanisms, enhancing clarity and accountability in real estate transactions.

The Supreme Court's directive emphasises the need for regulatory measures to prevent exploitation of homebuyers and restore trust in the real estate sector. It seeks to address longstanding grievances related to delays in project completion, changes in building plans, and other issues that have plagued the industry.

The adoption of a uniform model agreement is expected to streamline the home buying process, minimise legal disputes, and provide a structured framework for resolving conflicts between developers and buyers. It is viewed as a pivotal step towards promoting fairness and ensuring a level playing field in the real estate market.

Stakeholders, including real estate developers, consumer advocates, and regulatory authorities, are expected to collaborate in finalising and implementing the uniform agreement to uphold consumer rights and foster a more transparent and accountable real estate ecosystem across the country.

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