Agreement of sale

(1) Notwithstanding anything contained in any other law for the time being in force, a promoter who intends to construct or constructs building or apartments, all or some of which are to be taken or are taken on ownership basis or who intends to offer for sale of plots in a colony, shall, before he accepts any sum of money as advance payment or deposit, which shall not be more than twenty five per cent of the sale price, enter into a written agreement for sale with each of such persons who are to take or have taken such apartments or plots, as the case may be, and the agreement shall be in the prescribed form together with prescribed documents: Provided that if only a refundable application fee is collected from the applicant before draw of lots for allotment, such agreement shall be required only after such draw of lots. (2) The promoter shall not cancel unilaterally the agreement of sale entered into under sub-section (1) and if he has sufficient cause to cancel it, he shall give due notice to the other parties to the agreement and tender a refund of the full amount collected together with interest at the rate of twelve percent per annum. (3) The agreement to be prescribed under sub-section (1) shall contain inter alia the particulars as hereunder specified in clause (a) in respect of apartments and as specified in clause (b) in respect of plots in a colony and to such agreement shall be attached the copies of the documents specified in clause (c), - (a) the particulars in the case of apartment,- (i) the liability of promoter to construct the building according to the plans and Specifications approved by the authority which is required so to do under any law for the time being in force and the statement of the use for which the apartment is intended and restrictions on its use, if any; (ii) the price of the apartment and date by which its possession is to be handed over to the allottee with area including area of balconies; and. (iii) the nature, extent and description of the common areas and facilities and the limited common areas and facilities including the proportionate price of the common areas and facilities and intervals at which the installments thereof may be paid by the allottee of the apartment. The percentage of undivided interest in the common areas and facilities and in the limited common areas and facilities, if any, pertaining to the apartment agreed to be sold, such percentage shall be the ratio of the built-up area of the apartment to the total built-up area of all the apartments; (b) the particulars in the case of plots in a colony,- (i) the date by which the possession of the plot is to be handed over to allottee; and (ii) the price and area of the plot with statement of the use for which the plot is intended and restriction on its use, if any; (c) the copies of documents to be attached with the agreement,- (i) the certificate by an Assistant Collector First Grade or Second Grade, as the case may be, referred to in clause (a) of sub-section (2) of section 78n; (ii) certified copy from any relevant revenue record showing the nature of the title of the promoter to the plot or the land on which the building or apartment is constructed or is to be constructed; and (iii) the plans and specifications of the apartment as approved by the authority which is required so to do under any law for the time being in force.