Construction Agreement Needs To Be Registered

The registration of the construction contract must take place within 120 days of the signing of the contract and the UDS is registered only when the registered construction contract is established. The rule came into effect on October 1, 2013. “If the buyers don`t save the document, they don`t have the title. They rely only on trust,” says Ramesh Vaidyanathan, founder and managing partner of Advaya Legal. Paying the stamp duty and registering the agreement will also prevent the broker from reselling the house to someone else, he adds. The details of the construction contract and the date of the first payment to the contracting authority should be included in the UDS deed of sale. If the declarant files the two agreements – Bau and UDS – together, the SRO would first register the construction contract and enter the details of the UDS deed of sale. According to the new guidelines, registration of the UDS would not be considered if the declarant did not present the construction contract. In the event that the registrant claims that he or she registers the UDS but does not carry out construction work, the registrar will inspect the property prior to registration.

If a buyer registers the agreement for sale while accepting a loan, he becomes the owner of the title. If the developer is late and the buyer does not receive the property, he must continue to pay the assimilated monthly payments. On the other hand, the developer receives a source of money as soon as the buyer borrows. 1- Are the JDA contract, the contracting authority contract and the construction contract the same document? The new rule would not apply to construction contracts concluded before October 1. .