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Procedure for Selling Under Construction Property
04-Oct-2023 (In Property Law)
Hi,
I have purchased a property from a Gurgaon builder (for total value 95 crores) which is still under construction.
I have the Allotment Letter, Money Receipts & Builder Buyer Agreement in my name.
Total payment paid till date is Rs. 75 lacs approx.
I now want to sell the property & have negotiated with a buyer through a broker.
The Seller is offering Rs. 25 lacs in cash as Token, & wants a receipt of the same on my KYC (Voter Id / Pan Card).
After that within 180 days (6 months) they will make full payment as negotiated.
1. Can I give a receipt as they require & can I accept cash ??
2. What are the legal implications if I want to cancel the Token ??
There is no bar from accepting money in cash and giving a receipt for the same. However cancelling the token will give a cause of action to the buyer having paid the token money and he may file a suit for specific performance against you to enforce the contract signed between you both,
Helpful?
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Adv. Rohan Mittal
Panchkula | 200+ Answers
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