Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained elsewhere in this Act or in any other law for the time being in force, a promoter shall, before he takes any advance payment or deposit, which shall not be more than forty per cent. of the sale price of a flat, enter into a written agreement for sale with each person who intends to purchase, such flat and the 16 of 1908. agreement shall be registered under the Registration Act, 1908, and such agreement shall contain such particulars, and shall be accompanied by such documents or copies thereof, as may be prescribed: Provided that no such agreement shall be registered before the promoter is granted permission to construct building under sub- section (5) of section 3.