Agreement For Sale Under Rera 2017

Prior to RERA, Maharashtra was governed by the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management, Transfer) Act 1963 (MOFA). The MOFA contains Section 4A, which states that the letter of attribution issued by the owner is enforceable against the owner, notwithstanding the provisions of the Indian Registration Act. Initially, some of Maharera`s orders considered that the complaining buyer was not authorized to file a claim on the basis of the above letter of award, in the absence of a formally expressed “sale agreement.” It was decided that the interest law under Section 18 imposes a “sale agreement” as a precondition for the granting of interest to the homebuyer. To appreciate Maharera`s opinion, it would be wise to take this section into account: prior to the announcement of the Real Estate (Regulation and Development) Act in 2016, the registration of real estate sales contracts was governed primarily by provisions of the Property Transfer Act, 1882 and the Registration Act, in 1908. The old Contract Registration Act under the aforementioned statutes was explained below: Section 49 of the Registration Act provides that documents that must be registered in accordance with Section 17 or the TPA do not relate to the real estate it contains; Or one of the questions that immediately caught the attention of the authorities was whether a homebuyer who had not entered into a registered agreement was an “allottee” within the meaning of Section 2 (d) of the RERA Act. If a simple letter of award could be used as a basis for collecting interest and penalties against defective owners if it had not executed or registered a formal “sale agreement” after the stamp duty payment. In most cases, the owner had issued a letter of award in exchange for a partial payment for the accommodation. The aforementioned attribution letters were complete with the terms of transfer of a given unit and were barely for sale under a formal agreement. However, the aforementioned letter of attribution has not been stamped or registered. There is no savings/deeming system under the law that takes into account the fate of unregistered ATS exported before May 1, 2017.

In order to determine the fate of these ATs, the law could have been considered to have been registered under the Act before May 1, 2017 (subject to payment of a royalty to the relevant negotiator), provided that even the ATS that were executed before May 1, 2017 are registered within a specified time frame, as provided for the registration of current projects in accordance with Section 3 of the Act. In addition, an ATS does not require mandatory registration under Section 17 of the Registration Act, 1908 (Registration Act).