Agreement to precede advance payment

Notwithstanding anything contained in any other law, a promoter who intends to transfer any apartment shall, before accepting any sum from an intending transferee as advance payment for deposit, enter into a written agreement for sale with such transferee which shall be registered as a document compulsorily registerable under clause

1. (b) of sub-section

1. (1) of section 17 of the Registration Act, 1908 (16 of 1908): Provided that for the purposes of this section advance payment will not include the earnest money as prescribed under the Himachal Pradesh Housing Board Allotment, Mangagement and Sale of House Plot Regulations, as amended from time to time.