The Developer/ Promoter and Owner to execute and get Registered document of transfer

General201138 sections

Statutory text

(1) Where the Developer/ Promoter is not the owner of the land over which the Apartment(Flat) is to be built, the Developer/ Promoter and the Owner shall execute and register an agreement stating all the terms and conditions of the agreement including the portion of the building and land to be shared by the Developer/ Promoter and the Owner. The agreement document shall also include that after the completion of construction of the building project the respective share owner i.e.; developer/ promoter and the land owner, shall be absolute owner of their respective shares and they will be entitle to sell/ transfer their shares separately.
(2) The final sale/ lease of the Apartment(Flat) along with the Common areas and facilities shall be executed and registered by the Developer/ Promoter or the Owner, as the case may be, as per sub-section 5.1. in favour of the prospective Apartment(Flat) Owner.

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