Agreement for Sale and Promoter and allottee binding

The format of Agreement for sale to be entered into between the promoter and the allottee has been prescribed as Form-G under the Rules. This Agreement is binding on the parties. Internal flexibility as per contractual understanding could be provided in the said Agreement for sale, for determination/ insertion of other provisions as decided between the parties.
However, such provisions should not be in derogation of or inconsistent with the terms & conditions of the format of the Agreement or the provisions of the Act and rules/ regulations made thereunder.

Undertaking Amount

No. Section 13(1) of the Act prohibits the promoter from taking more than 10% of the cost of apartment without entering into a written agreement for sale, duly registered.

Promoter Liability

As per section 14(2) the promoter shall be liable for 5 years from the date of handing over of possession to the allottee towards structural defect or any other defect as specified therein.

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