Flat owners urge Centre to draft new builder buyer pact
According to the Federation of Associations of Apartment Owners, disclosures made at the time of agreement would rule out chances of manipulation by the developer
Oct 06, 2014
Source : The Times of India
Housing Projects

 

GHAZIABAD: Apartment owners in Ghaziabad have asked the Union ministry of urban development to formulate a 'model builder-buyer agreement' that reduces disputes and litigations in housing projects in the city.

In a letter written to the ministry on Saturday, the Federation of Associations of Apartment Owners (FedAOA) of Ghaziabad demanded that an annexure of the true disclosure of the project be included in the agreement that includes details of land history, facilities, fixtures and fittings, design specifications and NOCs from departments concerned. According to the federation, disclosures made at the time of agreement would rule out chances of manipulation by the developer.

The move comes following thousands of disputes between developers and homebuyers that have occurred owing to non-transparency in agreements. "Numerous cases between residents and developers of housing projects are pending in courts. These litigations have mostly stemmed from discrepancies between what was promised to buyers in agreements when they booked the flats and what was ultimately delivered to them. This necessitates a transparent agreement so that homebuyers do not feel cheated after taking possession of their housing units," said FedAOA president Alok Kumar.

Apart from court cases, homebuyers have, in the recent past, also complained about delays on the part of developers in handing over the flats. In the letter to the ministry, the federation highlighted that agreements do not contain clauses on the exact date of completion of flats or penalties that developers are liable to pay in case the handover is delayed. According to the federation, an equitable and legally tenable builder-buyer agreement would bring a sea change in builder-buyer relations and provide valuable contractual rights to both parties.

Latest Realty News

Godrej Properties adds new housing project in Mumbai
Oct 06, 2014
Realty firm Godrej Properties Ltd said it has entered into an agreement with a land owner to develop an affordable housing project near Mumbai
Seeking action against land-grabbers, activists to begin fast today
Oct 06, 2014
After having staged protests against “inaction” of the government against land-grabbers for nearly a month, a group of protesters have decided to launch an indefinite fast till all their demands are met
Raining discounts for property buyers this season
Oct 06, 2014
The realty market has been abuzz with activity this festival season. Discounts, freebies, various financing schemes and advertisements across various media are making buyers sit up and look for the best deal
Modi Asks EC to Probe Haryana Government's Clearance to Vadra Land Deal
Oct 06, 2014
Prime Minister Narendra Modi on Monday asked the Election Commission to take serious note of Chief Minister Bhupinder Singh Hooda clearing the land deal between Robert Vadra and DLF
Sell Unused Lands to Government, KCR Tells NRIs
Oct 06, 2014
The TRS government, which is finding it difficult to spot sufficient government and private land for its ambitious scheme of distributing three acres each to landless Dalit families in the state, has now begun appealing to Telangana NRIs and industrialists to sell their unused land to the government
NDMA says residential high-rise towers don't conform to earthquake safety standards; comes up with n...
Oct 06, 2014
The National Disaster Management Authority (NDMA) under the home ministry has come out with norms on seismic retrofitting of deficient buildings
Land pooling: AP advised to involve private firms
Oct 06, 2014
The Andhra Pradesh government, which is exploring various systems of land pooling for building its new capital city, has been advised to assign the task of holding negotiations with farmers to private agencies
Late delivery, errant builders leave buyers flat-broke in Mumbai
Oct 06, 2014
In central Mumbai, buyers who booked flats worth Rs 20-50 crore are still waiting for their homes because the project is stuck in litigation for the past three years
Reits may not get complete pass-through status
Oct 06, 2014
Contrary to a promise made in the Budget for 2014-15, the proposed real estate investment trusts (Reits) might not get a full pass-through status
DDA Housing scheme 2014: Hurry!!! Only 5 days left to apply for flats
Oct 06, 2014
Have you applied for the DDA flats? If yes, then we wish good luck to you, but if you still haven't applied and wish to own a dream home in the form of a DDA flat, then, please hurry as the ambitious scheme will only last for 5 days, till October 9

Latest Realty News Of State

Realty Talk's