Promoter before accepting advance payment or deposit to enter into agreement and agreement to be registered.

1[(1)] Notwithstanding anything contained in any other law, a promoter promoter who intends to construct or constructs a block or building of flats, all or some of which are to be taken or are taken on ownership basis, shall, before, he accepts any sum of money as advance payment or deposit, which shall not be more than 20 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 flats, and the agreement shall be registered under 2[the Registration Act, 1908 (XVI of 1908) (hereinafter in this section referred to as "the Registration Act")] 3[and such agreement shall be in the prescribed form.] 4[(1A) The agreement to be prescribed and sub-section (1) shall contain inter alia the particulars as specified in clause (a); and to such agreement there shall be attached the copies of the documents specified in clause (b),

1. (a) particulars,-
   • (i) if the building is to be constructed, the liability of the promoter to construct it according to the plans and specifications approved by the local authority where such approval is required under any law for the time being in force;
   • (ii) the date by which the possession of the flat is to be handed over to the purchaser;
   • (iii) the extent of the carpet area of the flat including the area of the balconies which should be shown separately;
   • (iv) the price of the flat including the proportionate price of the common areas and facilities which should be shown separately, to be paid by the purchaser of flat; and the intervals at which instalments thereof may be paid;
   • (v) the precise nature of organisation to be constituted of the persons who have taken or are to take the flats;
   • (vi) the nature, extent and description of limited common areas and facilities;
   • (vii) the nature, extent and description of limited common areas and facilities, if any;
   • (viii) percentage of undivided interest in the common areas and facilities appertaining to the flat agreed to be sold;
   • (ix) statement of the use of which the flat is intended and restriction of its use, if any;
   • (x) percentage of undivided interests in the limited common areas and facilities, if any, appertaining to the flat agreed to be sold;