Two years ago , property buyers were , totally at the mercy
of the builders / developers
After handing over a life's savings to a builder , thousands
of buyers were left high and dry , even as the unscrupulous builders diverted
the funds to purchase of more land - instead of completing the projects
In a few high profile cases, involving lakhs of crore of
rupees, groups of buyers got together and filed cases against the builders in
Consumer Courts or even High Courts
These cases are going on for years .
There is no early resolution , in absence of foolproof legal
protection and one sided contracts ( property purchase agreements ) in favour
of the builders
Only way out is for the Central Government to mandate a MODEL
/ STANDARD agreement under RERA , incorporating clauses listed below :
RERA : a case of UnReal Estate /
UnReliable Builders ?
Why is Supreme Court so unhappy with RERA ?
For reasons that you will find in following
news reports :
But , beyond pointing out the obvious lacuna in purchase
agreements between a property buyer and the seller , Supreme Court cannot “
order “ inclusion of the clauses in that contract, which can protect the buyers
– the way it does in case of “ Leasing / Renting Agreement “ between a Lessor
and a Lessee
In these agreement, if a lessee stops paying rent or refuses to
vacate the rented premise when due, the law provides specific clauses under
which courts can force an eviction
Some very similar clauses are required to be incorporated in “
Property Purchase Agreement “ , by suitably amending the RERA , when the
Builder fails to handover the possession of a flat , despite the buyer having
paid all the due installments in proper time
I
suggest incorporation of the following clauses :
Just as the builder may levy a penalty for delay
in payment on your part, you can incorporate the penalty the
builder must pay if he delays handing over the possession on schedule.
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06 April 2019
Rsvp : hcp@RecruitGuru.com
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