Builder-Buyer Agreement
This
Builder-Buyer Agreement ("Agreement") is made on this [Date]
day of [Month], [Year] at [Location], by and between:
1. [Builder's Name], a company/individual registered
under the provisions of [Law/Act], having its registered office at [Address],
hereinafter referred to as the "Builder/Developer," (which expression
shall, unless repugnant to the context or meaning thereof, be deemed to mean
and include its successors, representatives, and assigns) of the ONE PART;
AND
2. [Buyer's Name], an individual residing at
[Address], hereinafter referred to as the "Buyer," (which expression
shall, unless repugnant to the context or meaning thereof, be deemed to mean
and include his/her heirs, legal representatives, administrators, executors, and
assigns) of the OTHER PART.
WHEREAS:
1. The Builder/Developer is the
absolute and lawful owner of the land situated at [Location], more particularly
described in Schedule I of this Agreement, and has obtained necessary
sanctions, licenses, and permissions from the concerned authorities for the
development and construction of a residential/commercial project on the said
land, hereinafter referred to as the "Project."
2. The Builder/Developer has
represented that it has the right and authority to sell the units in the
Project and that the Project has been registered with the Real Estate
Regulatory Authority (RERA) under registration number [RERA Registration
Number], dated [Date].
3. The Buyer has expressed interest in
purchasing a specific unit in the Project, the details of which are more fully
described in Schedule II of this Agreement, and the Builder/Developer has
agreed to sell the same to the Buyer on the terms and conditions mentioned
herein.
4. The parties hereto have agreed to
execute this Agreement to define and record their respective rights,
obligations, and duties in relation to the purchase and sale of the said unit.
NOW, THEREFORE, in consideration of the mutual covenants and
promises herein contained, the parties agree as follows:
1. Unit Details
1.1.
The Builder/Developer agrees to sell and the Buyer agrees to purchase a [Type
of Unit: apartment/flat/plot/shop] bearing number [Unit No.], admeasuring
approximately [Size in square feet] square feet, situated on the [Floor No.]
floor of the Project known as [Project Name] at [Project Address], more fully
described in Schedule II attached hereto.
1.2.
The Buyer acknowledges that he/she has inspected the plans, specifications,
design, and location of the said unit and is fully satisfied with the same. The
Buyer agrees that no further claims or objections shall be raised in this
regard.
2. Sale Consideration and Payment
Terms
2.1.
The total sale consideration for the unit is ? [Amount in words and figures],
inclusive of applicable Goods and Services Tax (GST), stamp duty, registration
charges, and other statutory levies, as may be applicable.
2.2.
The Buyer agrees to pay the above-mentioned sale consideration to the
Builder/Developer in the following manner:
|
Installment |
Amount (?) |
Due Date |
Remarks |
|
Booking
Amount |
[Amount] |
[Date] |
Paid
at the time of booking |
|
On
Execution of Agreement |
[Amount] |
[Date] |
|
|
On
Completion of Foundation |
[Amount] |
[Date] |
|
|
On
Completion of Structure |
[Amount] |
[Date] |
|
|
On
Completion of Flooring |
[Amount] |
[Date] |
|
|
On
Possession |
[Amount] |
[Date] |
2.3.
In the event of any delay in payment by the Buyer beyond [X] days from the due
date, the Buyer shall be liable to pay interest at the rate of [Rate of
Interest]% per annum, calculated on a daily basis, until the payment is
received.
2.4.
The Buyer shall be responsible for all applicable taxes, levies, and other
statutory charges as per the prevailing laws.
3. Possession
3.1.
The Builder/Developer agrees to deliver possession of the unit to the Buyer on
or before [Possession Date], subject to the timely payment of all dues by the
Buyer and compliance with the terms of this Agreement.
3.2.
If the Builder/Developer fails to deliver possession within the stipulated
time, the Buyer shall be entitled to receive compensation at the rate of
[Compensation Rate]% of the total sale consideration per month for the delay.
3.3.
The Buyer shall be responsible for taking possession of the unit within [X]
days of receiving the possession notice from the Builder/Developer. In case of
failure to take possession within the specified period, the Buyer shall be
liable to pay maintenance charges and holding costs as may be determined by the
Builder/Developer.
3.4.
Upon taking possession, the Buyer shall sign a possession certificate in the
format provided by the Builder/Developer and shall not raise any objections
regarding the quality of construction, specifications, or any other matter
thereafter.
4. Construction Quality,
Specifications, and Modifications
4.1.
The Builder/Developer undertakes to complete the construction of the unit in
accordance with the approved plans, specifications, and quality standards as
described in Schedule III of this Agreement.
4.2.
The Buyer agrees that any requests for modifications, alterations, or
additional work shall be entertained only at the discretion of the
Builder/Developer and shall be subject to additional costs as mutually agreed.
All requests for such modifications shall be made in writing.
4.3.
The Builder/Developer reserves the right to make minor changes in the plans,
design, and specifications due to architectural, structural, or regulatory
requirements, provided that such changes do not materially affect the unit’s
area, location, or value.
5. Title, Ownership, and Transfer
5.1.
The Builder/Developer hereby represents and warrants that it holds clear and
marketable title to the land and has the absolute right and authority to enter
into this Agreement and convey the unit to the Buyer.
5.2.
Upon receipt of the full sale consideration, the Builder/Developer shall
execute and register the sale deed in favor of the Buyer, conveying absolute
title to the unit, free from all encumbrances, charges, and claims.
5.3.
The Buyer shall bear all costs, including stamp duty, registration fees, legal
expenses, and any other related expenses required for the registration of the
sale deed.
6. Maintenance, Common Areas, and
Amenities
6.1.
The Buyer agrees to pay maintenance charges as determined by the
Builder/Developer or the Resident Welfare Association (RWA) from the date of
possession or handover, whichever is earlier. The maintenance charges shall
cover the upkeep of common areas, security, utilities, and other amenities.
6.2.
The Buyer shall have the right to use the common areas, amenities, and
facilities of the Project, including but not limited to parks, clubhouses,
gyms, swimming pools, etc., as per the rules and regulations laid down by the
Builder/Developer or the RWA.
6.3.
The Buyer agrees to become a member of the RWA and abide by its bylaws, rules,
and decisions once the RWA is constituted and takes over the management of the
Project.
7. Defects Liability and Warranty
7.1.
The Builder/Developer shall be responsible for rectifying any structural
defects or workmanship issues in the unit, which may arise within a period of
[X] years from the date of possession, provided that such defects are notified
in writing by the Buyer.
7.2.
The Builder/Developer shall not be liable for any defects caused due to
negligence, misuse, or unauthorized modifications by the Buyer.
7.3.
The Builder/Developer does not provide any warranty on items such as electrical
fittings, plumbing fixtures, and other appliances installed in the unit, as
these are subject to manufacturer warranties.
8. Dispute Resolution and
Jurisdiction
8.1.
In case of any disputes, differences, or claims arising out of or in connection
with this Agreement, the parties shall first attempt to resolve the same
amicably through mutual discussions.
8.2.
If the dispute remains unresolved for a period of [X] days, either party may
refer the dispute to arbitration under the Arbitration and Conciliation Act,
1996. The arbitration shall be conducted by a sole arbitrator appointed
mutually by the parties. If the parties are unable to agree on the appointment
of an arbitrator, the appointment shall be made as per the provisions of the
Arbitration and Conciliation Act, 1996.
8.3.
The venue of arbitration shall be [City], and the language of arbitration shall
be [Language].
8.4.
The courts at [City] alone shall have exclusive jurisdiction over any matters
arising out of or in connection with this Agreement.
9. Force Majeure
9.1.
The Builder/Developer shall not be held liable for any delay in the completion
of the Project or in delivering possession of the unit if such delay is caused
by circumstances beyond its control, including but not limited to natural
calamities, strikes, lockouts, acts of God, government orders, or other
unforeseen events.
9.2.
In the event of a force majeure situation, the Builder/Developer shall be
entitled to a reasonable extension of time for completing the Project and
handing over possession to the Buyer.
10. Termination and Consequences
10.1.
In the event the Buyer fails to pay any installment or breaches any terms of
this Agreement, the Builder/Developer shall have the right to terminate this
Agreement after giving [X] days’ notice to the Buyer.
10.2.
Upon termination, the Builder/Developer shall refund the amounts received from
the Buyer after deducting any outstanding dues, administrative charges, and any
other applicable penalties, provided that the unit has not been resold.
10.3.
In the event of termination, the Builder/Developer shall have the right to
re-sell the unit to any third party without any obligation to the Buyer.
11. Miscellaneous Provisions
11.1.
This Agreement constitutes the entire understanding between the parties and
supersedes all prior agreements, representations, and understandings, whether
oral or written.
11.2.
Any modifications or amendments to this Agreement shall be made in writing and
duly signed by both parties.
11.3.
The Buyer acknowledges that he/she has read and understood the terms of this
Agreement and agrees to abide by them.
11.4.
The headings in this Agreement are for convenience only and shall not affect
its interpretation.
11.5.
If any provision of this Agreement is found to be illegal, invalid, or
unenforceable, the remaining provisions shall remain in full force and effect.
Schedules:
IN WITNESS WHEREOF, the parties
hereto have executed this Agreement on the day, month, and year first above
written.
For the Builder/Developer:
(Signature)
[Builder’s Name]
[Designation]
[Seal of the Company]
For the Buyer:
(Signature)
[Buyer’s Name]
[Aadhaar Number/PAN/Other ID]
