In a significant development related to model builder-buyer agreement in the real estate sector, the Centre has decided to set up a committee to formulate policies on this issue to protect interests of the buyers.Union Consumer Affairs Secretary Rohit Kumar Singh said that the committee will be constituted in three months with judges, national and state consumer commissions, various consumer organizations, lawyers, and people from the Ministry of Consumer Affairs.
The agreement helps to solve the problems arising between the buyer and the developer easily.
It is a special document. It is stated that there will be similar regulations nationwide.
Therefore, it is explained that problems arising between buyers and builders can be solved immediately. In this context, it has been decided to form a committee for the preparation of the model agreement. After extensive consultation with everyone, the model agreement will be drawn up and submitted to the Supreme Court. After that it will be sent to the states.
Lawyer Ashwini Upadhyay has filed a lawsuit in the Supreme Court to direct the Center to draft a model agreement for transparency in the real estate sector to protect the interests of buyers.
There is a situation where the builders are influencing the model agreements in the states. Moreover, each state has different regulations. The court which inquired into this made it clear that there is a need for builder-buyer model agreements to be made so that the buyers would not face any problems due to inclusion of various clauses by the developers to the disadvantage of the buyers.
