The Yamuna Expressway Industrial Development Authority (YEIDA) has suggested to the central government that the draft of the proposed Real Estate Regulatory Bill be revised to benefit home buyers. One of the important changes it mentioned is that the builder-buyer agreement (made at the time of purchase of a flat) be simplified to safeguard buyers’ interests. The authority suggested that a new format of the agreement should specifically fix realtors’ accountability on promises made at the time of sale, officials said.
“Why can’t a 40 page builder-buyer agreement be completed in one page? The realtor should mention details like proposed housing unit number, cost, rate, delivery time and flat design on one page. The new law should also ensure that if the builder fails to fulfil promises made in the agreement, he/she should be liable to face legal action,” said Santosh Yadav, chief executive officer (CEO) of YEIDA.
He gave these suggestions to the Ministry of Housing and Urban Poverty Alleviation that called in officials from Noida, Greater Noida, Yamuna authority and Ghaziabad, apart from buyers in Delhi, to share ideas.
“As per the present format of the builder-buyer agreement, the builder has the freedom to force buyers to his will in tweaking building plans and go scot-free in case he fails to live up to promises made at the time of sale of a housing unit,” said Abhishek Kumar, president of Noida Extension flat owners welfare association.
“We suggested that the new law should specify carpet area of a flat, the local authority officials should not be allowed to join realtor firms after retirement, the realtor should face jail for failing to deliver a project time,” said Kumar.