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 victimised 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 home buyers, 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 its 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.
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