The Buyer Builder Agreement is a fundamental legal document in Indian real estate transactions, essential for any purchase of under-construction property or pre-launch property developments. This agreement type became standardized and more regulated after the implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA), which mandated specific provisions to protect buyer interests. The document comprehensively covers all aspects of the property purchase, from payment schedules and construction specifications to possession terms and defect liability. It's required for both residential and commercial properties, incorporating state-specific RERA requirements, local building regulations, and environmental compliance standards. The agreement serves as a crucial risk management tool, providing clarity on deliverables, timelines, and remedies while ensuring compliance with Indian property and construction laws.
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1. Parties: Identification and details of the Builder/Developer and the Buyer/Allottee
2. Background: Context of the agreement including project details, land ownership, and relevant approvals
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Specific description of the property being sold including unit number, floor, carpet area, and super built-up area
5. Consideration and Payment Terms: Purchase price, payment schedule, and mode of payment
6. Construction Timeline: Agreed timeline for construction completion and possession
7. Builder's Obligations: Responsibilities of the builder including construction quality, amenities provision, and obtaining approvals
8. Buyer's Obligations: Responsibilities of the buyer including timely payments and compliance with society rules
9. Possession: Terms and conditions for handling over possession, including inspection and acceptance procedures
10. Defect Liability: Builder's liability period for structural defects and other deficiencies
11. Maintenance: Terms regarding maintenance charges and services
12. Transfer and Assignment: Conditions for transfer or assignment of rights under the agreement
13. Default and Consequences: Events of default and remedies for both parties
14. Termination: Grounds and procedure for termination of the agreement
15. Dispute Resolution: Mechanism for resolving disputes including jurisdiction and arbitration
16. Force Majeure: Provisions for unforeseen circumstances affecting performance
17. Notices: Method and addresses for serving notices between parties
18. Governing Law: Applicable laws and jurisdiction
1. Car Parking: Details of car parking allocation when parking spaces are being sold separately
2. Club Membership: Terms of club membership if the project includes club facilities
3. Power Backup: Specifications and charges for power backup facilities if provided
4. Loan Facilitation: Terms regarding assistance in obtaining home loans, if offered by builder
5. Rental Management: Terms for rental management services if offered by builder
6. Interior Work: Terms for additional interior work if offered by builder
7. Green Features: Special provisions for green building features if applicable
8. Special Amenities: Terms for any special amenities specific to the project
1. Schedule A - Property Description: Detailed technical description of the property including boundaries and measurements
2. Schedule B - Floor Plan: Detailed floor plan with measurements and specifications
3. Schedule C - Specifications: Detailed construction specifications, materials, and finishing details
4. Schedule D - Payment Schedule: Detailed breakdown of payment installments and milestones
5. Schedule E - Common Areas and Facilities: List and details of common areas and facilities in the project
6. Schedule F - Amenities: Detailed list of amenities and their specifications
7. Schedule G - Project Approvals: List of all approvals obtained for the project
8. Schedule H - Maintenance Services: Details of maintenance services and charges
9. Appendix 1 - RERA Registration: Copy of RERA registration certificate and details
10. Appendix 2 - Title Documents: Key title and ownership documents
11. Appendix 3 - Approved Plans: Copies of approved construction plans
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