Monday, September 26, 2022

Supreme Court issues notice to states on formulation of Builder-Buyer Agreement under RERA

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The Supreme Court on Friday issued notices to all states of the country, seeking their response within three weeks, on formulation of a model Builder-Buyer agreement and Agent-Buyer agreement, as envisaged under the Real Estate (Regulation and Development) Act, 2016. 

The Apex Court passed the order on a petition filed by Advocate Ashwini Bhardwaj, seeking directions to the Centre to formulate a model Builder-Buyer agreement and Agent-Buyer agreement, so as to infuse transparency and fair play, besides reducing frauds.

Amicus Devashish Bharuka said during the hearing, “Common area definition has been diluted in Haryana and UP. Your lordships have to see, as to what extent it can be done, given RERA is now the main statute.”

Bharuka further apprised the Court of the other relevant definitions that have been diluted by local laws.

The Bench said, “How do we proceed now? Now there are some deviation by States. Which is the best way forward?”

Amicus replied, “The States can actually re-look at the agreement and come with an agreeable model.”

Advocate Sachin Patil, appearing for Maharashtra, said “50-60 per cent of what Amicus and Central Government has pointed out, we will incorporate. They said definition is missing, we will incorporate it… where there is deviation, we will come to your lordships with justification. This exercise will take time.”

The Bench then ASG Aishwarya Bhati to prepare a draft road map, along with Amicus Bharuka.

“We are acting as coordinators here. You and Amicus have done a good job. You give us a note, then we can pass directions,” added the Apex Court.

“We will give the states three weeks’ time to respond to the report,” said the Supreme Court.

Responding to petitioner Ashwini Upadhyay’s ‘One nation one builder-buyer agreement’ suggestion, the Bench said, “You are right. But there are some complexities, which have to be looked at.”

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