Buyer Builder Agreement

Buyer Builder Agreement Template for India

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Key Requirements PROMPT example:

"Need a Buyer Builder Agreement for a 3-bedroom luxury apartment in Mumbai, with special provisions for imported marble flooring and premium amenities, expected completion date March 2025."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Construction

Property Development

Residential Housing

Commercial Property

Urban Development

Infrastructure

Relevant Teams

Legal

Real Estate

Sales

Customer Relations

Compliance

Project Management

Construction

Operations

Finance

Property Management

Relevant Roles

Real Estate Developer

Property Manager

Construction Manager

Legal Counsel

Compliance Officer

Project Manager

Sales Director

Customer Relations Manager

Finance Manager

Architect

Structural Engineer

Property Buyer

Real Estate Agent

Contract Manager

Operations Director

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