 Act, 2016 advocates the formulation of a model builder-buyer agreement, which is to act as a legal safeguard for upholding the rights of homebuyers.){kind=link}
New Delhi (ILNS): The Real Estate (Regulation And Development) Act, 2016 advocates the formulation of a model builder-buyer agreement, which is to act as a legal safeguard for upholding the rights of homebuyers. A petition has been filed in the Supreme Court by advocate Ashwini Kumar Upadhyay, saying that neither any Model Builder Buyer Agreement nor Model Agent Buyer Agreement have been enforced by any state. The petition wants directions for such implementation.
The petition claims that the states should
“enforce (the) ‘Model Builder Buyer Agreement’ & ‘Model Agent Buyer Agreement’” and should “take steps to avoid mental physical and financial injury, ensure accountability, develop mechanisms to weed-out criminal conspiracy for wrongful gain, criminal breach of trust and dishonest misappropriation of buyers’ money, committed by Promoters, Builders and Agents.”
The petitioner has also requested the court to “pass appropriate direction(s) to compensate the buyers for losses incurred due to inordinate delays on the part of Promoters-Builders and to recover their hard earned money…”
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The petitioner states that the states
“were required to enforce RERA Act in letter and spirit but they failed to do so within due date. It was expected that States would meet the second deadline i.e. 31.7.2017 but they failed again.”
-ILNS