Hi Experts,
Firstly, thanks for this excellent enlighting website. I am in the process of buying a flat with a reputed builder in Mumbai. I have paid a token booking amount for the flat. The builder is asking for 20% amount after which they will execute the Builder Buyer Agreement (BBA). From other members, I have found out that the BBA is heavily tilted in favor of the builder. e.g. if we default payment, the interest is 18%, but if builder defaults, the charge is 6%. There are other clauses like builder can alter design on their will, can extend posession time by an year without penalty, and in case of refund they will refund only after 12 months, etc etc. As a consumer/buyer, how can we make this BBA balanced, what should be a buyer's approach? What are the points to consider and how to get the BBA done? Thanks in advance.
