Model Builder-Buyer Agreement : Ever since the Supreme Court has advised the central government to consider preparing a uniform model builder-buyer agreement for the entire country, this issue has been in discussion among home buyers. Along with this, people related to the real estate sector are also looking at this issue afresh. There is a widespread view that following the advice of the Supreme Court will not only protect the interests of home buyers, but the entire real estate sector will also benefit in the long run by increasing mutual trust. Home buyers believe that in the builder-buyer agreements that are in place, the interests of the buyers are not taken care of much. Generally, the terms of such agreements are tilted in favor of the builders. Interestingly, not only home buyers, some entrepreneurs associated with the real estate sector are also welcoming the suggestion of the Supreme Court.
In fact, the Supreme Court has recently said that a model agreement should be prepared for the agreement between home buyers and builders in the country. The country’s biggest court has said in its order that this issue is related to public interest, so the central government should consider the implementation of this suggestion and present its answer before it by November 22. A bench of Justice DY Chandrachud and Justice AS Bopanna also expressed the opinion that the government has the right to issue directions for making such a model builder-buyer agreement under RERA. The Supreme Court has given this direction during the hearing of a petition filed by a group of home buyers last Monday. since then The debate over the model builder-buyer agreement has intensified.
From model agreement to real estate sector will grow transparency
Rakesh Yadav, CMD of real estate company Antriksh India Group says that The Supreme Court’s advice to the Central Government to prepare a ‘Model Builder-Buyer Agreement’ is a welcome step. According to him, this step should have been taken long back. Rakesh Yadav says that the implementation of a uniform model builder-buyer agreement across the country will increase transparency between builders and home buyers, which will work to strengthen the real estate sector. Along with this, due to the clearing of the whole situation between the builder-buyer in advance, the legal disputes that may arise later will also come down. According to Rakesh Yadav, the way real estate law RERA (RERA) The model builder-buyer agreement will help in changing the picture of the property market, in the same way, the model builder-buyer agreement will help in increasing transparency in this sector and take the sector to new heights.
Rohit Poddar, MD, Poddar Housing and Development Limited, says that the model agreement can provide a great guidance for the agreement between builders and buyers. He said, “What the Supreme Court says on this will be a matter to be seen but I believe that for a big country like India, some changes will be required at the local level. There should be some changes according to the states. Real estate is a state subject, so the laws and jurisdiction there also have to be taken care of. However, the Directive Principles of the Supreme Court must be followed. If this happens, it will be another step to bring credibility to the real estate sector after RERA. This will be in the interest of the entire real estate sector.
Existing agreement needs to be changed in favor of builder: NEFOWA
Abhishek Kumar, president of Noida Extension Plot Owners Association (now New Era Flat Owners Association) NEFOWA, says that it is very important to have a model builder-buyer agreement. In the real estate sector, such agreements are often one-sided, in which the customer remains in loss. According to him, enough emphasis is not being put on behalf of RERA to implement the builder-buyer model agreement. Abhishek claims that his organization raised this question in the National Conference of RERA but the matter is not progressing on it. Therefore, the direction given by the Supreme Court regarding the model agreement is welcome. He says that if needed, his organization can also file a petition in this matter.
Sumil Jalota of NEFOWA says that if the model builder-buyer agreement is implemented in the real estate sector, customers will be able to buy property fearlessly. The rights of both the parties will be equal. He has expressed hope that the government will soon issue instructions to make a model builder-buyer agreement under RERA.
What do home buyers say on the suggestion of a model agreement
Suresh Dwivedi, who lives in Panchsheel Hynis, Greater Noida, says that the arrangement of model builder-buyer agreement will effectively check the arbitrariness of builders. But Balaji Dubey, who lives in Havelia Valencia Homes in Greater Noida, was not completely satisfied with the initiative of the Supreme Court. He believes that in this era of open market, it will not be right to bind the builder or buyer in any scope. Right now both have full scope for bargaining according to the market, while the implementation of the model builder-buyer agreement will tie their hands.
Ranjan Samantarai, a resident of Antriksh Golf View 2 Apartments in Noida Sector 78, says that implementing the model agreement is extremely important from the point of view of consumer protection, as at present these agreements sometimes contain such provisions, which are understood by the common consumer. Can’t find In these circumstances, many times home buyers not only have to suffer financially and mentally, but their right to life and livelihood is also violated. If the model agreement is implemented, then the interests of the consumers will be protected. He suggests that some such arrangement should also be made in such an agreement so that the local development authority can also be made a party to it.
Retired Lt Col Lalit Goyal, who lives in Arun Vihar, Sector-28, Noida, says that all transactions between home buyers and builders should be done through an escrow account. The builder first builds the house and sells it to the customer even when it is ready. This will put pressure on the builders to complete the construction as soon as possible.
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‘Provision of fine in model agreement is necessary’
Rakhi Sinha, who lives in Noida Sector 28, says that if the model builder-buyer agreement is implemented, it will prove to be a milestone in the real estate business. Since the rules, laws and procedures related to real estate are not clear, the model agreement will increase transparency. This agreement will solve the problems of black money buying and selling of properties, payment-delivery defaults, legal complications and non-fulfilment of promises made at the time of purchase of the house. With all There should also be a provision for imposing a fine on the violator of the provisions of this agreement.
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