Creation of Mortgage or Charge

Creation of Mortgage or Charge.—

1. (1) No promoter shall after he executes an agreement for sale of any plot or building, mortgage or create a charge on such plot or building without the written previous consent of the person who has entered into such an agreement with him.
2. (2) Notwithstanding anything contained in sub-section (1) a mortgage or charge can be made or created by an allottee for the purpose of obtaining finance for the payment of the amount due to the promoter.