The Competition Commission of India (CCI) is understood
to have suggested certain modifications in the Buyers-Sellers Agreements to
bring down the monopoly of developers / promoters / builders
The move comes following FAOA (Federation of Apartment
Owners Association) approaching the Competition Commission of India to look
into the Buyer - Seller Agreement, which they said was skewed towards
developers. The newly formed Association has been formed to provide information
about rules and regulation against exploitation by developers / promoters / builders
Complete Violation of the Agreement.!
Mr. Gautam Gulati, Senior Vice-President, FAOA said, “There
is complete violation of the agreement by most developers, as the agreements
are one sided. We had approached CCI to probe the dominance of developers”
Mr. Amit Jain, a member of the FAOA said, '' The lack of
a regulator has allowed malpractices to proliferate, with consumers facing the
brunt of questionable land acquisitions, allotments, misuse of buyers money
& delayed projects. FAOA said it will try to work in association with real
estate bodies such as CREDAI & NAREDCO, among others."
Inidan real estate experts pointed out that consumers
(home / plot buyers) have been seeking correction in the clause, where a buyer
is expected to pay up to 18% interest on defaulting on the instalment. However,
in case of a delay in delivery by the developer / /
promoters / builders , it pays only 1 to 2% as fine (penalty) charge.
CCI’s view on modification in the agreement comes in the
wake of the anti-monopoly watchdog being flooded with complaints against
builders /promoters and developers.
Most complaints include one-sided agreements with flat
and house buyers, cheating & delayed projects among others.
Src : The Hindu
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