RERA : a case of UnReal Estate / UnReliable Builders ?

Why is Supreme Court so unhappy with RERA ?

For reasons that you will find in following news reports :

SC: Contracts skewed against home buyers are not binding

Buyer can't wait indefinitely for flat, says Supreme Court on 7 year delay  

176 warrants to errant builders, just 1 instance of money recovered 

But , beyond pointing out the obvious lacuna in purchase agreements between a property buyer and the seller , Supreme Court cannot “ order “ inclusion of the clauses in that contract, which can protect the buyers – the way it does in case of “ Leasing / Renting Agreement “ between a Lessor and a Lessee

In these agreement, if a lessee stops paying rent or refuses to vacate the rented premise when due, the law provides specific clauses under which courts can force an eviction

Some very similar clauses are required to be incorporated in “ Property Purchase Agreement “ , by suitably amending the RERA , when the Builder fails to handover the possession of a flat , despite the buyer having paid all the due installments in proper time  

I suggest incorporation of the following clauses :

[ A ]    Risk Purchase

[ B ]   Liquidated Damages

[ C ]    Penalty for delayed delivery

          Just as the builder may levy a penalty for delay in payment on your part, you can incorporate the penalty the

              builder must pay if he delays handing over the possession on schedule. 

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06  April  2019

Rsvp :  hcp@RecruitGuru.com