The Home Buyers Agreement is a fundamental legal document used in Indian real estate transactions for the purchase of residential properties. This agreement becomes necessary when a buyer commits to purchasing a residential property from a developer, whether under construction or completed. The document must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), along with state-specific real estate laws and regulations. It typically includes comprehensive details about the property, payment terms, construction specifications, delivery timelines, and the mutual obligations of the developer and buyer. The agreement serves as a crucial protective mechanism for both parties, ensuring transparency in the transaction and providing legal recourse in case of disputes. Given the significant financial investment involved in property purchases and the regulated nature of real estate in India, this agreement forms the backbone of the property purchase transaction.

1. Parties: Details of the builder/developer and the home buyer including complete names, addresses, and registration details

2. Background: Recitals explaining the context, including project details, RERA registration, and property ownership history

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Detailed description of the property including unit number, floor, carpet area, super built-up area, and specifications

5. Consideration and Payment Terms: Purchase price, payment schedule, and mode of payment

6. Developer's Representations and Warranties: Declarations regarding title, approvals, and compliance with regulations

7. Buyer's Representations and Warranties: Declarations regarding financial capacity and compliance with requirements

8. Construction Timeline and Possession: Construction milestones, completion date, and possession terms

9. Maintenance and Common Areas: Terms regarding maintenance, common facilities, and associated charges

10. Default and Remedies: Consequences of default by either party and available remedies

11. Transfer and Assignment: Terms governing the transfer or assignment of rights under the agreement

12. Notices: Method and addresses for serving notices between parties

13. Governing Law and Dispute Resolution: Applicable laws and mechanism for resolving disputes

14. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

15. Execution: Signature blocks and witness details