SC notice to Centre seeking directions for model builder-buyer agreement

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A bench headed by Justice DY Chandrachud sought the Centre’s reply, saying, “It is an important issue on the safety of the buyers.”

New Delhi: The Supreme Court on Monday issued notice to the Center seeking a direction to formulate model builder-buyer and agent-buyer agreements to protect customers and bring transparency in the realty sector in line with the Real Estate Regulatory Authority (RERA) Act 2016.

A bench headed by Justice DY Chandrachud sought the Centre’s reply, saying, “It is an important issue on the safety of the buyers.”

The top court said such an agreement would help protect home/flat buyers from exploitation by builders.

The petition was filed by advocate Ashwini Kumar Upadhyay, seeking a direction to the apex court to direct the Center to enter into a model builder-buyer agreement and model agent-buyer agreement to enhance transparency, reduce frauds and to prevent builders and/or promoters from indulging in it. Arbitrarily unfair and restrictive trade practices.

Upadhyay said all states should also implement model builder-buyer agreement and model agent-buyer agreement and take appropriate steps to avoid “mental, physical and financial injury”.

The petitioner sought accountability to customers and an effective mechanism to eliminate a criminal conspiracy for wrongful gain, criminal breach of trust and “dishonest misappropriation of buyers’ money by promoters and agents”.

Upadhyay, in his plea, directed the buyers to compensate the loss due to excessive delay on the part of the promoters and “recover the money wronged by the promoters and agents in the guise of taxes, interests, penalties and other charges”. Also asked to give

New Delhi: The Supreme Court on Monday issued notice to the Center directing it to formulate model builder-buyer and agent-buyer agreements to protect customers and bring transparency in the realty sector in line with the Real Estate Regulatory Authority (RERA) Act 2016. demanded.

A bench headed by Justice DY Chandrachud sought the Centre’s reply, saying, “It is an important issue on the safety of the buyers.”

The top court said such an agreement would help protect home/flat buyers from exploitation by builders.

The petition was filed by advocate Ashwini Kumar Upadhyay, seeking a direction to the top court to direct the Center to enter into a model builder-buyer agreement and model agent-buyer agreement to enhance transparency, reduce frauds and to prevent builders and/or promoters from indulging in it. Arbitrarily unfair and restrictive trade practices.

Upadhyay said all states should also implement model builder-buyer agreement and model agent-buyer agreement and take appropriate steps to avoid “mental, physical and financial injury”.

The petitioner sought accountability to customers and an effective mechanism to eliminate a criminal conspiracy for wrongful gain, criminal breach of trust and “dishonest misappropriation of buyers’ money by promoters and agents”.

Upadhyay, in his plea, directed the buyers to compensate the loss caused by excessive delay on the part of the promoters and “recover the money wronged by the promoters and agents in the guise of taxes, interests, penalties and other charges”. Also asked to give

First published:October 4, 2021, 2:11 pm

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