- Budget 2022: Will there be more farm loan waivers or enhance in 80C limit in taxation? Here are expectations from 12 sectors
- Budget My Pick: Sharda Cropchem stock is a top buy with 1-year view for analyst Siddharth Sedani; 30% upside expected
- Zee Business news gets Transport Minister's stamp of approval; Nitin Gadkari drafts notification to make 6 airbags mandatory in
- First Electric Bus in Delhi: CM Arvind Kejriwal flags off electric buses today; to introduce 300 e-buses by April
- TCS buyback ki Pathshala: Should you tender shares, process and more—Anil Singhvi answers these 17 questions that investor needs
Supreme Court asks Centre to make uniform builder-buyer agreement- Check details
The Supreme Court has said that with this uniform agreement transparency can be brought in the realty sector under the rules of Real Estate Regulatory Authority (RERA) and rights of the homebuyers can also be protected.
Homebuyers mostly complain that the promises made by builders during buying home is not being fulfilled. In most of the cases homebuyers stay quiet as they sign the agreement document without studying it or even if they study it, the terms used in the agreement is difficult to understand.
As a result, India's top court has taken cognisance of this and has emphasised on making a uniform builder home buyer agreement in the country. The Supreme Court has also asked the Central Government on its applicability in 4 weeks.
See Zee Business Live TV Streaming Below:
The Court has said that with this uniform agreement transparency can be brought in the realty sector under the rules of Real Estate Regulatory Authority (RERA) and rights of the homebuyers can also be protected.
It can be noted that property is a state matter.
बिल्डरों से त्रस्त घर खरीदारों के अच्छे दिन आने वाले हैं,बनेगा यूनिफार्म बिल्डर-बायर एग्रीमेंट
— Zee Business (@ZeeBusiness) October 5, 2021
Central Government had made a model rule for RERA based on which states established their own RERA and most of the states have different builder buyer agreement.
Also, in most of the states RERA rules are in favour of the builders because of which builders are able to make agreements according to them during selling the property.
What is builder buyer agreement?
When a homebuyer buys a home or residential property they pay an initial amount for the same and along with it an agreement is being made between the buyer and builder which is known as builder buyer agreement. It contains all the clauses which is there between the buyer and builder. Also, based on this agreement only home loan is also provided.
In January 2021, the Supreme Court had said that the builders cannot forcefully impose one sided clause mentioned in the agreement upon the buyers. Also, last month the apex court had said that until the builders complete the decided infrastructure and facilities in the project it cannot give the project to Residents Welfare Association (RWA).
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.