Flat-purchasers can’t be left at mercy of builders: SC notice to Centre

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New Delhi, Oct 4 | The Supreme Court on Monday issued a notice on a plea seeking direction to the Centre to frame a “model builder agreement” and agent-buyer agreement in the real estate sector to infuse transparency and fairness, restraining builders and agents from indulging into unfair and restrictive trade practices.

A bench comprising justices D.Y. Chandrachud and B.V. Nagarathna said: “This is an important issue on the protection of buyers”. It further added, “often (this issue) is put on back foot by clauses in agreements made by builders”.

The bench noted that a uniform builder-buyer agreement is required to be framed by the Centre to protect the interests of lakhs of home buyers. It observed the plea raises the grievance that in the absence of model agreement, flat purchasers are left at the mercy of developers regarding the terms and conditions.

The bench pointed out once the model buyer-builder agreement is framed by the Centre, then it may direct the state governments to follow it. It further emphasized that it is an important issue of consumer protection and often builders get away by putting any clause. “This purpose has to be achieved in the country”, it observed.

The Supreme Court was hearing a plea filed by advocate Ashwini Upadhyay, who was represented by senior advocate Vikas Singh. During the hearing, Singh submitted that the Centre should give guidance at least, and emphasized on the importance of a model builder-buyer agreement.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,150, Sensex falls 236 pts

Share Market Closing Bell: Nifty ends below 16,150, Sensex falls 236 pts

The NIFTY 50 had a positive opening and made an intraday high at 16262.80 level but showed selling pressure from the top and made an intraday low at 16078.60 level and closed the session at 16125.15 level with a loss of 89.55 points However, Bank nifty closed the session at 34290 level with a gain of 42 points. VIX closed at 25.70 up by 9.83%.

33 stocks out of NIFTY 50 closed in Red which suggest broad based selling. Nifty Healthcare, FMCG, IT, capital goods indices down 1 percent each while Nifty Auto & Bank ended in Green. Nifty Stocks like DRREDDY, GNFC, POWERGRID, KOTAKBANK were the top gainers, While DIVISLAB, TECHM, GRASIM & HINDUNILVR were top losers. The Nifty has confirmed the shooting star kind of pattern on a daily time frame which indicates downside movement momentum for an upcoming session.

Moreover, from the last 14 days Nifty has been trading in a range of 15750-16410 levels, either side breakout can direct further direction. In addition, Nifty has given a closing below 21-Day Moving Average which indicates weakness in the Nifty.

However, the momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone on a daily chart which suggest a northward journey in the Nifty. The Nifty may find Strong support around 16000 levels, while on the upside 16300 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33600 levels while resistance at 34800 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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