Team Opulnz Abode, 19th April 2023 5.30am, Read time – 3mins
The Indian government plans to set up a committee to develop a model agreement between home builders and buyers. The aim is to simplify the home-buying process and protect the interests of both parties. The committee will include representatives from the Ministry of Housing and Urban Affairs, the National Real Estate Development Council (NAREDCO), the Confederation of Real Estate Developers’ Association of India (CREDAI), and other stakeholders.
The model agreement will cover several key aspects, including the project’s timeline, quality standards, and the builder’s obligations in case of any defects or delays. It will also provide clarity on the buyer’s payment schedule and the terms and conditions of the contract.
This move is expected to boost transparency in the real estate sector and enhance consumer protection. The real estate industry has been grappling with several issues, including project delays, incomplete projects, and fraudulent activities by builders. The lack of a standardized agreement between builders and buyers has often led to disputes and legal battles.
Experts from Opulnz Abode, a top-performing luxury property consultant, believe that this initiative by the government is a step in the right direction. According to them, a standardized agreement will not only bring in more transparency but also provide a level playing field for builders and buyers.
“Homebuyers often face challenges when dealing with builders due to the lack of clarity in agreements. With a model agreement in place, homebuyers will have a better understanding of their rights and obligations, and this will go a long way in protecting their interests,” said an expert from Opulnz Abode.
The real estate industry has seen a significant shift towards transparency and accountability in recent years, with the implementation of regulations such as the Real Estate (Regulation and Development) Act (RERA). The model agreement between builders and buyers is expected to further strengthen consumer protection in the sector.
In conclusion, the government’s move to develop a model agreement between builders and buyers is a positive step towards easing the home-buying process and enhancing consumer protection. This initiative is expected to boost transparency in the real estate sector and provide a level playing field for both parties.
Opulnz Abode is a luxury property consultant that is committed to providing its customers with the highest level of service. At the core of our business are four values that guide everything we do: transparency, trust, integrity, and informed deals.
Transparency: We believe that transparency is essential in all real estate transactions. We provide our customers with complete information about the properties they are interested in, including all relevant details about the location, amenities, and pricing.
Trust: We understand that buying or selling a property is a significant decision that requires trust between the buyer and the seller. We strive to earn the trust of our customers by always acting in their best interests and providing them with honest and accurate advice.
Integrity: We believe that integrity is essential in all aspects of our business. We conduct our business with the utmost honesty and ethics, ensuring that our customers receive fair and transparent deals at all times.
Informed Deals: We believe that informed decisions lead to better outcomes. We keep our customers informed about the latest market trends and provide them with data-driven insights to help them make informed decisions about their real estate investments.
At Opulnz Abode, we take pride in providing our customers with a personalized experience that is tailored to their unique needs and preferences. Our commitment to transparency, trust, integrity, and informed deals sets us apart from our competitors and allows us to deliver exceptional value to our customers.