HE Supreme Court Monday issued notice to the Centre on a petition seeking the framing of a ‘Model Builder Buyer Agreement’ and ‘Model Agent Buyer Agreement’ in the real estate sector as envisaged under the Real Estate (Regulation and Development) Act, 2016.
A bench of Justices D.Y. Chandrachud and B.V. Nagarthna said it would help protect home/flat buyers from being exploited by builders.
The Court was hearing a public interest litigation filed by advocate and BJP leader Ashwini Kumar Upadhyay who contended that no state government has framed a uniform builder buyer agreement to infuse transparency, ensure fair play and reduce fraud and deliberate delay despite their requirements under the RERA.
The RERA was enacted in 2016 for the regulation and promotion of the real estate sector and to ensure the sale of plots, apartments or buildings, as the case may be, or sale of real estate projects, in an efficient and transparent manner, to protect the interests of consumers in the real estate sector, and to establish an adjudication mechanism for speedy dispute redressal.
The Act also establishes an Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer.