Agreement for sale

Agreement for sale.-(1) A promoter shall not accept a sum more than ten per cent of the cost of the plot or building, as the case may be, as an advance payment, deposit or an application fee, from a person without first entering into a written agreement for sale with such person.

1. (2) The agreement referred to in sub-section (1) shall be in such form, as may be prescribed, and shall specify the particulars of development of the project including the construction of building along with specifications and external development works, the dates and the manner by which payments towards the cost of the plot or building as the case may be, are to be made by the allottees and the likely date on which the possession of the plot or building is to be handed over and such other particulars, as may be prescribed.