SC Emphasises Need for Uniform Buyer-Builder Agreement
ECONOMY & POLICY

SC Emphasises Need for Uniform Buyer-Builder Agreement

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.

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.

Next Story
Infrastructure Urban

Gurugram to Launch Real-Time Waste Collection App in August

The Municipal Corporation of Gurugram (MCG) plans to introduce an app in August that will provide residents with real-time information about waste collection services. Developed by a private firm, the app will allow residents to track the live location of waste collection vehicles, receive updates on expected arrival times, and monitor the vehicles' proximity to their homes. A research team from a private university in Gurugram has been tasked with identifying features to enhance the app's efficiency and transparency in waste management. Their findings, expected within 15 days, will be reviewe..

Next Story
Infrastructure Transport

South India's First Double-Decker Flyover Opens for Trial Run

South India's first double-decker rail-cum-road flyover was partially opened for a trial run officials announced. Deputy Chief Minister and Bengaluru Development Minister D. K. Shivakumar conducted a 'trial walk' on the newly built flyover, which extends from Ragigudda to Central Silk Board and forms part of the Yellow Line of the Bengaluru Metro. Transport Minister Ramalinga Reddy and other officials also participated in the event. Constructed by the Bangalore Metro Rail Corporation Limited (BMRCL) at a cost of Rs 4.49 billion, the flyover is currently open for vehicular movement on only one ..

Next Story
Infrastructure Transport

GMDA to Reconstruct Key Gurugram Road and Build Flyover

The Gurugram Metropolitan Development Authority (GMDA) announced plans to reconstruct a major master sector dividing road from the Dwarka Expressway junction with Sector 86 Road to IMT Manesar at a cost of ?600 million. This road, currently in severe disrepair, will pass through Sectors 84/88, 85/89, 86/90, and 87/92. Additionally, GMDA will build a ?590 million flyover at Dadi Sati Chowk in Sector 86. "The road will be reconstructed similar to Rampura Road, and the tender for this has been floated," stated Arun Dhankhar, GMDA's chief engineer. Special repairs for major roads across Gurugram a..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000