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Can we rely on Sale Agreement after purchasing property (flat) without registering it as we want to avoid registration charges. We would like to sell in 12-18 months period

Hi, I am Gangadhar from Qatar. Recently we group of people purchased flats which is under construction. It takes 3 years to finish the project, but we would like to sell in 12-18 months period. Thats the reason why we are not interested in going for registration. What is the legal authentication of Agreement of Sale on bond paper. What would be the consequences if we dont register the property on our name. Please advise
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Property Law
Posted on 30-Sep-18
Advocate MONIKA
Answered on 07-Oct-18
Registry is mandatory
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Advocate Lokesh
Answered on 02-Oct-18
The property cannot be registered until the Developer hands over the possession after the completion or applies for the occupational certificate. You can Sell/transfer the said property with the current set of documents either back to the developer or to other potential purchasers.
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