Home Builder Contract Template for India

The Home Builder Contract is a fundamental document in Indian real estate transactions, essential for new residential construction projects. This agreement becomes necessary when a builder undertakes to construct a residential property for a buyer, whether it's an individual house or an apartment in a larger development. The contract must comply with the Real Estate (Regulation and Development) Act 2016 (RERA), various state-specific real estate regulations, and local building codes. It typically includes comprehensive details about construction specifications, payment terms, timelines, quality standards, and possession terms. The Home Builder Contract serves as a crucial legal safeguard for both parties, ensuring transparency in the construction process and establishing clear rights and obligations. It's particularly important in the Indian context where real estate transactions are heavily regulated to protect homebuyer interests while providing builders with a clear framework for project execution.

1. Parties: Identification of the Builder/Developer and the Home Buyer with complete details including registration numbers, addresses, and authorized representatives

2. Background: Context of the agreement including property details, project RERA registration, and land ownership/development rights

3. Definitions: Detailed definitions of terms used throughout the agreement including technical construction terms and legal terminology

4. Project Details: Comprehensive information about the project including approvals, sanctions, and RERA registration details

5. Property Description: Detailed description of the property being constructed including specifications, carpet area, and built-up area

6. Price and Payment Terms: Total consideration, payment schedule, and mode of payment, including taxes and other charges

7. Construction Timeline: Agreed construction milestones, completion date, and possession timeline as per RERA requirements

8. Builder's Obligations: Comprehensive list of builder's responsibilities including quality standards, warranties, and maintenance obligations

9. Buyer's Obligations: Buyer's responsibilities including timely payments, cooperation for documentation, and taking possession

10. Quality and Specifications: Construction quality standards, materials to be used, and workmanship requirements

11. Warranties and Defect Liability: Builder's warranties, defect liability period, and mechanism for addressing construction defects

12. Transfer and Possession: Process of property transfer, possession handover, and documentation requirements

13. Default and Remedies: Consequences of default by either party and available remedies including RERA provisions

14. Force Majeure: Circumstances beyond control affecting contract performance and their implications

15. Dispute Resolution: Mechanism for resolving disputes including RERA authorities and arbitration procedures

16. Governing Law: Applicable laws and jurisdiction governing the agreement