Supreme Court: Nationwide Uniform Builder-Buyer Agreement Needed
Real Estate

Supreme Court: Nationwide Uniform Builder-Buyer Agreement Needed

The Supreme Court of India has highlighted the importance of implementing a uniform builder-buyer agreement across the country. This move is aimed at protecting homebuyers from fraudulent practices and ensuring transparency in real estate transactions. The court emphasised that a standardised agreement would help prevent exploitation by unscrupulous builders, providing a consistent framework for transactions. The decision comes in response to increasing complaints from homebuyers about delays, hidden charges, and other malpractices by builders. The bench, led by Justice D.Y. Chandrachud, pointed out that a uniform agreement would include clear terms on project timelines, penalties for delays, and specifications for construction quality. This would help safeguard the interests of homebuyers and promote fairness in the real estate market. Currently, the lack of a standardised agreement allows builders to include terms that may be disadvantageous to buyers. A uniform agreement would eliminate ambiguities and ensure that all parties are aware of their rights and obligations from the outset.

The Supreme Court of India has highlighted the importance of implementing a uniform builder-buyer agreement across the country. This move is aimed at protecting homebuyers from fraudulent practices and ensuring transparency in real estate transactions. The court emphasised that a standardised agreement would help prevent exploitation by unscrupulous builders, providing a consistent framework for transactions. The decision comes in response to increasing complaints from homebuyers about delays, hidden charges, and other malpractices by builders. The bench, led by Justice D.Y. Chandrachud, pointed out that a uniform agreement would include clear terms on project timelines, penalties for delays, and specifications for construction quality. This would help safeguard the interests of homebuyers and promote fairness in the real estate market. Currently, the lack of a standardised agreement allows builders to include terms that may be disadvantageous to buyers. A uniform agreement would eliminate ambiguities and ensure that all parties are aware of their rights and obligations from the outset.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000