The Rajasthan Real Estate Regulatory Authority (RRERA) on June 08, 2023, issued a notification regarding the Registration of Agreement for Sale.
The following has been stated namely: -
• Once an agreement for sale is executed on a stamp paper of appropriate value, the promoter, and the allottee will, pending registration of the said agreement, be allowed to proceed with the said agreement, provided the said agreement is subsequently got registered by the promoter and the buyer, preferably within 4 months, otherwise within 8 months, of execution.
• The allottees are allowed to deposit installments and the banks/financiers of the allottees are allowed to sanction housing loans for the sold unit and disburse the due amount of loans on the basis of such executed agreement for sale. However, after registration of such agreement within the time stipulated under the Registration Act, 1908, the registered document shall be deposited with the concerned bank/financial institution.
• These would apply to such agreements which do not involve the transfer of possession of the sold unit.
• These directions shall come into force at once and shall continue to be in force up to the calling off mass leave/absence or June 30, 2023, whichever is earlier.
[Notification No. F.1(146)RJ/RERA/2020/2055]
