A glimmer of hope has emerged for homebuyers in India as the Central government recently submitted a model builder-buyer agreement to the Supreme Court for approval. This paves the way for a potential national-level standard for these agreements, offering much-needed clarity and protection to homebuyers across the country.
Currently, builder-buyer agreements are governed by individual state-level Real Estate Regulation and Development (RERA) authorities. This lack of uniformity has led to concerns about inconsistencies and a potential for exploitation by builders. The proposed national-level agreement aims to address these issues by incorporating core clauses based on the RERA Act. This would ensure a baseline level of protection for homebuyers regardless of the state in which they are purchasing a property.
The move by the Central government comes amidst growing concerns about unfair practices in the real estate sector. Homebuyers have long faced issues like delayed project completion, hidden charges, and deviation from promised specifications. A standardized national agreement would equip them with better tools to hold builders accountable and ensure a smoother and fairer buying experience.
While the Supreme Court’s decision on the model agreement is still pending, its very consideration signifies a positive step towards strengthening buyer safeguards in the Indian real estate market.
