Indranil (Manager) 26 September 2011

Unregistered saledeed agreement

I have gone for an Unregistered Saledeed agreement for a flat in 2008 May, For the same I have taken Bank Loan from SBI and paid 14 lakhs out of 16 to promoter. Till date I have not received my flat possession due to a legal case in high court which is going between Landlords Sister (A Party) and Landlord+ Promoter (Party B). Landlords Sister has raised an injunction as she was not informed or taken any consent while selling or Promoting the flats. In between I have sent a notice to the Promoter for clearing the issues and handing over the flat to me. Promoter did not reverted back. Please let me know whether the agreement is still valid (Nothing is mentioned in the agreement regarding validity). Also suggest me what should be my next course of action. (For your information: The present value of the property got doubled)

Reply Follow

1 Replies

V.R.Natarajan (Lawyer) 27 September 2011

Your unregd.agreementis good against the promoter.but the civil suit filed by Land owners sister may drag on for years and one cannot ascertain the result. To be on the safer side, implead yourself as a party in the suit,as a Defendant and file your statement stating your agreement and the huge payment you made.This is a safeguard for your money. Verify the standard of the promoter,his background and his ability to pay back the amount with interest,in case he loses the suit.If he is of dubious status and unreliable,the best course is to file a suit for recovery of the advance amount,interest and compensatory damages based on the present value of the apartment and to create a charge over the allotted apartment for the decree amount. Anyway be a part of the injunction suit,so that you would be aware what is happening in the suit.Do not believe the sugar coated promises of the builders.Keep all your records and receipts safe. Goodluck. V.R.Natarajan, Advocate

1 Like