Ownership of all land should be clear and marketable, and it is said that it is done as such when executing the deed of sale. However, in practice, buyers make a sales contract as a precautionary measure, although they are aware that it does not create title to a property. A deed of sale is considered an authentic instrument and also establishes a clear title to the property, since it is a document subject to the obligation, pursuant to Section 17, paragraph 1, of the Registration Act 1908. However, section 13 of the RERA Act 20161 stipulates that a sales contract must be registered. Although this is not the case with the Registration Act 1908. Therefore, the validity of the sale agreement always becomes an unresolved conflict. Section 13, paragraph 1 of the RERA Act 2016 states that “the project proponent may not accept more than 10% of the cost of the dwelling, land or building, as it may amount in this case in the form of an advance or a person`s application fee without first entering into a written sales agreement with that person and registering the agreement for sale under current legislation.” Hello, I booked an apartment with M/s Migsun in 2017, I paid 10% amount and the balance financed by ICICI Bank, until today bank paid all the amounts claimed by Denbauer. According to the date of the contractor`s agreement was 2019. On September 4, 2020, I received a pre-payment letter from the owner saying that please you will pay all taxes and we will send the property after 90 days. Also a late charge of Rs 80734, after discussion, they agreed to reduce these fees and late charges Rs 44567/- I pay all my IMEs at the right time. As I booked my Flay as a bare unit, so the domestic fees and the extra payment of the loan also paid. Until the date, I paid preEMI cost Rs 310,000. I paid all my fees on October 1, 2020 except late fees.
Even the owner gives possession late for a year. Please suggest what I should do for these late fees. We invested in an apartment that costs inr. 1.4 Cr of highly known high-level contractors and developers in Bangalore and have invested nearly 75% of the value of the project and we have completed 36 months of investment, the owner has not signed an agreement for the sale or construction contract on our part so far and if we had booked with the amount of the Rs reservation. 5Lac initially promised to the flat property jun-jul 2020 and now you ask us from us, To sign the contract, as according to the draft agreement they shared his property said will be given end of October 2020 with an additional 6 months in favor of the owner, we can not wait for our investment / finances initially planned for the occupation of the dwelling until Jun-Jul 2020 , we can ask the owner to repay, because it does not fulfill its fixed date and, in the absence of any legal papers, we have signed so far with the owners , although we have quickly paid all payment plans so far, but if we have, if we have not met its fixed date to understand, possession is delayed we stop processing subsequent payments, so they are pressuring the payment of payments with 24% interest/ penalty, etc.