Real Estate Buyers – Take note of a very important Judgment by Hon’ble Supreme Court

Buyers now need not worry with one sided terms that a builder makes him sign in a property purchase transaction

In a landmark judgment a bench of Hon’ble Supreme Court passed a very important judgement in favor of flat purchasers –

The Supreme Court has held that 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.

Every home buyer should cheer and be aware of this !

All of us are aware that when a typical retail buyer buys a property from a builder, he has ‘almost zero say’ on the terms and conditions mentioned in the sale agreement that a builder makes him/ her sign. Infact in many cases the said agreements are pre printed and only key property identification details (flat no, buyer name etc) are changed from buyer to buyer !

We also know how one sided all these agreements are designed to cover up any defaults/ delays by the builder and at the same time holding buyers responsible for slightest of the lapses…

No more 🙂

Buyers now have the judgement that is clearly supportive of their rights.

Hopefully the judgment would now force builders to make agreements more reasonable and make them more accountable to what they are promising.

We sincerely advice that all the homebuyers should now take extra precaution of saving every single piece of communication (brochures, emails etc) that they had with the builder pre and post purchase. All of that can potentially come to his rescue now in the court of law as sale agreement looses its “all supersede” right. Cheers !

 

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About the author

Nitin Jain

A finance professional with around 20 years of investing experience in Indian markets both on buy and sell side, equity and debt, private and public with some of the best organizations globally including Goldman Sachs, ICICI Group, ICRA and others. He is a All India Silver Medalist CA by qualification.

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I think that your article will be helpful for us. I learn more information that you published on your site. Thanks for sharing this article.
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