The Indian government’s Real Estate (Development & Regulation) Bill aims to protect the interests of home buyers by regulating and bringing transparency to real estate transactions. The bill has been greeted with delight and appreciation from consumers and end-users, and criticism from builders and developers.
Various statutes are currently available for the redressal of grievances of real estate buyers, including the Indian Penal Code, the Indian Contract Act, the Competition Act and the Consumer Protection Act.
Agreements signed between developers and end-users are covered by the Contract Act, any breach of which may result in severe penalties. Consumers also have the right to file a civil suit or a petition before a district or state consumer disputes redressal commission under the Consumer Protection Act and claim compensation or the allotment of a similar property in an alternative location.
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Amitabh Chaturvedi is the managing partner of Mine & Young, where Ekta Sukhramani is an associate.
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