“A contract for the sale of real estate is a contract to sell the property under the terms set by the parties,” Section 54. Section 54 adds: “It does not in itself create interest or royalty for such a property.” Although the signing of the sale agreement does not mean that the sale has been completed, it is a decisive step in that direction. For this reason, buyers must be fully aware of the terms and conditions set out in the agreement. If the seller does not sell or return the property to the buyer, the buyer is entitled to a special benefit in accordance with the provisions of the Specific Relief Act of 1963. A similar right is available to the seller as part of the agreement to require a certain benefit from the buyer. The Supreme Court of India in 2012, in the case of Suraj Lamp Industries (P) Ltd (2) v State of Haryana, while the handling of sales of real estate by proxy, did as under: Now, as the crucial diligence is when it comes to documents related to real estate becomes quite obvious when we go through the incidents below. The above definition shows that a purchase agreement contains a promise to transfer the property in question in the future under certain conditions. This agreement itself therefore does not create any rights or interests on the property for the proposed buyer. The Supreme Court also reaffirmed the importance of the contract of sale between the owner and the purchaser, since it recently decided that the period of awarding a dwelling unit to a home buyer should be taken into account from the date of the owner-buyer agreement and not from the date of registration of the project under the Real Estate Act (regulation and development). , 2016.
The court also ordered the rera authorities to order the payment of compensation by the contractor, in accordance with the sales contract whose unsealability was upheld by this decision. On 31 October 2020, a 40-year-old man was arrested by Noida police for deceiving a bank of 2 Crores by forging debt and using loans.