Amendment status not verified — confirm the current text below against the official source.
A promoter who intends to transfer any apartment shall before, accepting any sum of money as advance payment or deposit, which shall not exceed twenty percent of the price, enter into a written agreement of sale with the intending transferee and the same shall be registered as a document compulsarily registerable under clause (b) of sub-section (1) of section 17 of the Registration Act, 1908.