Regulation of property

(1) A promoter who enters into a transaction for the transfer relating to a property shall,- (a) make full and true disclosure of the nature of his title to the property indicating clearly that his title to property has been duly certified by an Assistant Collector First Grade or Second Grade, as the case may be, after he has examined transactions concerning it in the previous ten years; (b) make full and true disclosure of all encumbrances on such property, including any right, title, interest or claim of any party in or over such property; (c) in case the property is land held on lease, produce consent from the lessee for the transaction; (d) in case the property is land, subject to the provisions of the Urban Land (Ceiling and Regulation) Act, 1976; produce clearance from the competent authority under that Act; (e) make full and true disclosure of any reservations, in the development plan framed under any law for the time being in force or restrictions on the use to which the property may be put and any liability to carry out any development works; (f) specify, in writing, the date by which possession of the property is to be handed over; (g) make full and true disclosure of all charges, including ground rent, if any, municipal or other local taxes, revenue assessment, interest on any mortgage or other encumbrance, development charges or charges for maintenance and upkeep of roads, drainage, sewerage, water supply, electricity, layout and constructed by the Government or any local authority. (2) No person shall issue a prospectus or advertisement offering for sale any property, unless the prospectus or advertisement indicates the place and time the documents and certificates relating to the matters specified in sub-section (1) are available for inspection. (3) The provisions of sub-sections (4) and (5) of section 78o shall apply mutatis mutandis for mis-statements in the prospectus or advertisement issued under sub-section (2) of this section. (4) The provisions of sections 78r, 78x and 78y shall apply mutatis-mutandis to a transaction of property made under this section.