The Pre Sale Purchase Agreement is a crucial document in Indian real estate transactions, used when purchasing property that is yet to be constructed or is under construction. This agreement type has gained significant importance since the implementation of RERA in 2016, which mandates specific disclosures and terms to protect buyer interests. It serves as the primary contract between a developer and purchaser, outlining the property specifications, payment terms, construction timelines, and possession details. The agreement must comply with various Indian laws including RERA, the Indian Contract Act, Registration Act, and Transfer of Property Act. It's particularly relevant in both residential and commercial property developments, where properties are sold before completion, and includes mandatory provisions for buyer protection, construction quality standards, and developer obligations.
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1. Parties: Identification of the Developer/Seller and Purchaser with complete details as required under RERA
2. Background: Context of the agreement, including property development details and RERA registration information
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including unit specifications, carpet area, and super built-up area
5. Purchase Price: Total consideration, payment schedule, and payment methods
6. Construction Timeline: Construction milestones, completion date, and possession timeline
7. Specifications and Amenities: Detailed specifications of construction, materials, and promised amenities
8. Developer's Covenants: Obligations and warranties of the developer regarding title, construction quality, and timely completion
9. Purchaser's Covenants: Obligations of the purchaser including timely payments and compliance with society rules
10. Default and Remedies: Consequences of default by either party and available remedies
11. Transfer and Assignment: Conditions and procedures for transfer or assignment of rights
12. Possession: Terms and conditions for handling over possession and acceptance
13. Registration and Stamp Duty: Responsibilities for registration costs and stamp duty
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution
16. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
1. Loan and Financial Institution: Include when purchaser is obtaining financing - specifies terms of interaction with financial institutions
2. Car Parking: Include when separate car parking allotment is involved - specifies details of parking space allocation
3. Club House Membership: Include when project includes club facilities - details of membership terms and conditions
4. Power Backup Provisions: Include when power backup is provided - specifies capacity and charges
5. Maintenance Agreement: Include when maintenance is handled by developer/specified agency - details of maintenance terms
6. Interior Work Timeline: Include when interior work is part of the agreement - specifies fitting-out period and conditions
7. GST Provisions: Include when GST is applicable - specifies tax implications and responsibilities
8. Joint Purchase Terms: Include for joint purchasers - specifies shares and succession rights
1. Schedule A - Property Details: Detailed technical description of the property including boundaries and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and construction-linked payment milestones
3. Schedule C - Specifications: Detailed specifications of materials, fittings, and finishes to be used
4. Schedule D - Floor Plan: Unit floor plan with dimensions and carpet area calculations
5. Schedule E - Project Amenities: List and descriptions of all project amenities and facilities
6. Schedule F - Maintenance Charges: Details of maintenance charges and included services
7. Appendix 1 - RERA Disclosures: Mandatory disclosures as required under RERA
8. Appendix 2 - Title Documents: List of title documents and encumbrance certificates
9. Appendix 3 - Approvals: Copies of relevant governmental and regulatory approvals
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