The Centre has told the Supreme Court that it would develop a model builder-buyer for sale agreement containing 'core' clauses in consonance with the mandatory provisions of the Real Estate (Regulation and Development) Act 2016, for the protection of home buyers.
A bench of Justices DY Chandrachud and Hima Kohli noted the suggestion brought on record by Additional Solicitor General Aishwarya Bhati, representing the Centre, and advocate Devashish Bharuka, who is amicus curiae in the matter.
The bench noted that the model agreement for sale would be submitted for consideration and for its approval.
The Centre's response came on a plea filed by advocate Ashwini Upadhyay seeking a direction to protect home buyers from exploitative practices adopted by the real estate developers.
The plea sought a direction to the Centre to frame model builder-buyer and agent-buyer agreements to ensure uniformity across the country.
The top court has scheduled the matter for further hearing on November 28.