Supreme Court Efforts to Protect Customers Interest


Date: 16-April,2019Last Updated: 19-January,2021
+A   -A

Bringing to you the latest Indian Real Estate News, the Supreme Court of India gave out a landmark ruling giving major relief to Homebuyers in India who were constantly victimized by the majority of the real estate developers, the contracts that were unfairly stipulated against homebuyer’s interests are not to be considered Binding anymore.

Having taken a serious note of Homebuyers dilemma when they face thick contracts with one-sided terms that protect the interests of the developers at the cost of homebuyers, the Supreme Court of India gave out a ruling in a case filed by a homebuyer who had paid a sum of 4.83 crores towards the purchase of a flat in Sector 62, Gurgaon. The Honourable Supreme Court rules that the concerned developer pay back the full sum of 4.83 crores along with an interest of 10.7% to the homebuyer.

This ruling brings major respite to the majority of the home buyers whose investments faced delays or hindrances and was stuck in legal battles. Their helplessness puts them in a vulnerable situation when it comes to purchasing agreements between home buyers and developers and even bank loans for that matter. Homebuyers have no other alternative but to sign off on the terms in these agreements.

After introspecting on the numerous litigations pending in courts that pertain to homebuyers being forced to sign one-sided agreements bearing stringent clauses when it comes to innocent buyers but leniency towards developers, the Supreme Court of India declares not anymore.

The Supreme court stated, “The terms of a contract will not be final and binding if it is shown that the flat purchasers had no option but to sign on the dotted line of a contract framed by the builder.”

As per the latest Indian Real Estate trends, a detailed study of the pending litigations in courts suggests real estate developers have an undue advantage over homebuyers in the conventional flat purchase agreements. When buyers default on payments they pay high interest or penalties or even worse developers are eligible to revoke the allotment. But when developers default on handing over possession these real estate developers pay very meagre interest or penalty.

These unjust practices in the Real estate Market in India have been outrightly called out to secure the investments and protect the interests of Homebuyers.

Homes247.in Experts View

We at Homes247.in enthusiastically welcome this noble ruling by the Honourable Supreme Court.

The plight of India’s beloved homebuyers has been relieved with the Supreme Court giving out a benchmark ruling that shall completely change the ball game between home buyers and sellers.

Now that it's clear that a hastily signed agreement that favours property developers shall not be considered valid, buyers can stop worrying about the unfair practices by developers in the real estate market and be certain their investments are safe and secure.

Buyers must consider the proactive measures by the Government and legal institutions to regulate investments and ensure complete transparency and justice for both sides.

What are you waiting for? Invest. Buy your Own Home!

Did we help ?

Post Response

Categories

                           

Latest Blogs

Why Read Real Estate Blogs?

Well, we are aware that real estate has never exactly been one of those binge-worthy blog categories. It has neither been the kind of topic you could not get enough of, nor is it half as juicy as celebrity gossip.

However, in India, real estate blogs are starting to get clicks and likes, and it has become one of the trending topics. People worldwide are beginning to realize how real estate as an industry affects the economy and how important it is to understand housing trends to enhance their lifestyle.!

The relevance of informative Indian blogs on real estate and finance are at an all-time high now. The youngsters are bidding big on investment options, and brackets such as realty have proved to be highly dependable compared to others.

The Millennials are flooding in to invest in apartments, plots, and villas, and the earliest members of the Gen-Zs' entering the workforce and looking forward to having their own homes. This has only fuelled the growth of digital real estate blogs to keep up with the tech-savvy generations.

Also, the real estate sector has been proving time and again, how reliable an investment choice it is. So, learning about the sector is the smart way to climb up the ranks, and where else can you learn so much except from real estate Blogs! Real estate is the second-largest contributor to the country's GDP; hence there is no doubt that it affects every one of us, whether we see a future in the Real Estate Industry or not. After all, we all live in our homes, and housing is a significant part of the industry.

What sets India's favorite Homes247.in Blog Posts apart?

We know exactly what you need to know and what you like. We know you want to feel engaged and entertained, and at the same time, hot housing news should be fed to you! We have turned the tables, grab a spoon, and start digging!

And Voilà! We present to you the most Interesting and Informative blogs!

As our name implies, we are not limited to realty alone, granted we do Specialize in it. We are all about Homes, and we are in love with Tech and Innovation! Naturally, our blogs cover a myriad of topics related to real estate and housing from Luxury, Lifestyle, Home Decor, Vastu, Real Estate News, Reviews, Tech & much more!

We make every one of our real estate blogs as interesting as it can get and attach with absolutely unique and accurate images, to provide you a better understanding. Not only do we cover a wide range of topics, but we also cover them at the right time. We update you on our socials such as Facebook, Instagram, Linkedin, Pinterest, and Twitter on every trending topic, so you are never miss anything and worry about being left behind!

However, we never go out of hand with our Indian real estate blogs that our beloved Readers have come to love over the years.

What is the Importance of Real Estate Blogs?

Everything in India is a state of constant flux; maybe that's why we Indians became one of the most adaptable and cosmopolitan people in the world!

If the nation's elements are shifting its focus, how can real estate be any different? Indian Real Estate Sector is perhaps one of the most dynamic ones in the entire world. Since the Real Estate in India is yet to be organized entirely, the variations in one segment affect another in ways difficult to comprehend.

The complexity and nuances can be understood only by reading about what is going on in the sector. Like we mentioned above, it affects every one of us. Hence it is essential to keep up to date.

With its ever-changing shifts and tides, it's virtually impossible to keep track of the sector's latest trends and sink our anchor deep. That's where we come in! We are just one google search away!

We also try to solve every home-related query through our Indian real estate blogs. And that's not all. We provide you insights on technologies that make the modern taste and rate of development possible, detailed analysis on real estate projects, insights on loans and taxes, advice on the home buying process, and articles on health and fitness. We provide you information about the trending topics in the Indian real estate industry.

We also host video podcasts named Expert's Voices, where we discuss with the leading players in the industry about market scenarios, offers, anything and everything related to real estate.

In addition, we host Real Estate News so you can stay updated on the sporadic events that happen around the country concerning Indian Real Estate. We also make short and easy to understand real estate video blogs.

We have got so many topics to read about that even if you have years of experience or are just curious and googling to get some ideas about Indian real estate blogs, you will find the best ones here.

At Homes247.in, we strive to provide you only the best real estate blogs. Our blogs are always entertaining; even the dullest subject we touch upon, we try to make it engaging. We make sure the best of the best is are the only standard we keep ourselves at when it comes to our service or our Indian real estate blogs.

Our team is made of a dynamic group of keen hands-on expert researchers who work tirelessly along with passionate and knowledgeable content writers to bring to your fingertips the world of real estate.

On every one of our real estate blogs, we research vigorously, write creatively, carefully compile, and thoughtfully curate the best real estate blogs, especially for you, from India's best content writers and contributors.