There will be greater transparency and builders will have to abide by a set of restrictions once ‘Agreement to Sell’ comes into effect.
The builder-buyer agreement that is largely skewed in favour of the builder fraternity might be a thing of the past. RERA Chairman and principal secretary housing, Mukul Singhal indicated this while chairing a meeting with officials of Noida Authority, Greater Noida Authority, Ghaziabad Development Authority and the Confederation of Real Estate Developers Association of India (CREDAI) today.
The meeting held at Indira Gandhi Kala Kendra, Noida Sector 6 discussed the implementation procedure of ‘Agreement to sell’ that is essentially a document that protects the interests of the buyer fraternity. Specific points of ‘Agreement to sell’ and its long term relevance to homebuyers were examined in the course of this meeting.
Speaking to City Spidey, Sanjeev Singh, a flat-buyer said that after this agreement is introduced the existing builder-buyer agreement will not be required. “There will be greater transparency and builders will have to abide by a set of restrictions once ‘Agreement to sell’ comes into effect. The existing builder-buyer agreement is not helpful to us as it does not direct builders to compensate us when possession is delayed,” Singh said.
However, there are some buyers who are not entirely happy. This is because they are opposing the UP RERA and demanding the introduction of a Central RERA instead.