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We’ve all heard of people getting too-good-to-be-true realty deals and paying the price one way or another.
From builders crying foul about rising input costs and charging more money, issues with selling under-construction units, to irregularities in refunds, turns out lack of transparency is an incurable sore for homebuyers.
Zooming In🔽 Improper contracts.
🔽 Buyers do not challenge rule violations.
🔽 Lack of awareness and non-transparent terms and conditions.
🔽 Police unable to take action owing to arbitrary contract clauses.
Probable Solutions
🔼 Buyers may get unfair contracts declared as null and void. It may be done via the State Consumer Commission/NDRC.
🔼 Uniform and binding Builder Buyer Agreement as recommended by the Supreme Court.
🔼 Proper disclosure standards akin to disclosure forms signed by sellers in many countries, with suitable penalty clauses.
This could be different from RERA declarations and standards, to ensure uniformity. These standards could list the risks and specify penalties for lack of disclosure.
Quick Quiz
⚡ Are these solutions extremely difficult to implement? No.
⚡ Will we have a solution sometime soon then? No.