[Resolved] Realestateindia.com — builders-buyers agreement

 
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New Delhi, Delhi, India
 Advocate Ashish Bhalla on May 15, 2019
The builder-buyer agreement is a very important legal document for home buyers. It is a contract which contains all the terms and conditions which have to be complied by both the buyer and the builder. Got to know that supreme court has recently changed the rules for the builder - buyer agreement. What are the new changes? How is it beneficial for the buyers?
Complaint marked as Resolved Jun 19, 2019

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[May 15, 2019] RealEstateIndia.com customer support has been notified about the posted complaint.
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RealEstateIndia.com Customer Care's response, May 16, 2019
Hello Advocate Ashish Bhalla,

It look like you have query related our services for that you can directly mail at [protected]@realestateindia.com so that we can help you to solve your every query.

Thanks,
RealEstateIndia Support Team
Complaint comments  9 Comments     Updated: Share0Tweet0

Comments

Yes, It’s true. Earlier builders used to not give much importance to agreement. Now supreme court has chained their hand to give importnace to it. No more misuse of the agreement.
The Supreme Court recently paved the way for home buyers to claim refunds from builders in the case o[censored]nreasonable delay in handling their homes. Good thing for buyers.
shahkunal2394's reply, May 21, 2019
In such cases, RERA can mediate and help buyers to either get their homes or refunds to avoid their loans being declared non-performing assets in the bank.
Now, Developers can't have agreements biased against home buyers.
The court has tried to balance the equities between the builders and flat buyers from time to time.
The court has unfolded a fair-play game between both buyers and builders.
Finally Good time is coming in the Indian real estate for the buyers.
This change will provide more security to the buyers investment.
Now there may be some relief from the delay delivery of the project as buyers can claim their refund.
According to the new agreement laws, There must be some compensation on account of the delay by the builder but asking for the entire amount to be refunded, would make it a near impossibility for the builder to complete the project and give possession to the other flat buyers who seek possession and not refund.

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