What is BBA in Real Estate and What is the full form of BBA in Real Estate?
BBA Full Form is Builder Buyer Agreement.
What is Builder Buyer Agreement (BBA)?
A Builder Buyer Agreement (BBA) is actually the ‘Agreement for Sale’. The Builder Buyer Agreement certifies the concerned property is transferred in the name of the new owner, and this transfer is subject to mutually acceptable terms and conditions. The Builder Buyer Agreement governs the entire sale of property. It includes clauses, annexures, conditions and peculiarities about the sale or transfer of property.
Latest Update: Builder Buyer Agreement
Builder is legally Bound to get the “Completion Certificate (CC)”: Supreme Court
In a recent development, the Supreme Court has opined that a builder is legally bound to get the Completion Certificate for the structure. The builder must get the Completion Certificate even if the flat owners take possession before issuance of such certificate.
The SC said that although it was not right on the part of flat owners to take possession before the issuance of the Completion Certificate, this should not prevent the builder from applying for Completion Certificate. It is not the duty of the flat owner but the builder to get a Completion Certificate.
A builder buyer agreement is a document which specifies the modalities, conditions and clauses between a builder and a homebuyer. Clauses of the builder buyer agreement are related to the property concerned, delivery details, and conditions related to default and delay in project delivery among other clauses.
At one point, the Indian real estate industry was marred with instances of stalled real estate projects and home buyers’ money got stuck in such unfinished projects. Before the commencement of RERA, there was no solid resort or mechanism for aggrieved homebuyers. However, the Builder buyer agreement is one document which protects the interests of the homebuyers and ensures that the delivery is in accordance with the agreed terms and conditions.
In light of the Supreme Court’s direction to frame a Builder Buyer Agreement which conforms to the Real Estate (Regulations and Development) Act, 2016, the importance of the Builder Buyer Agreement has increased manifold.