The deal is through pdc and in case the cheque is dishonoured you may proceed to file a case under the negotiable instruments Act.

An agreement to sell would be done first and after payment of the agreed amount the final registration/sale would be done.

You should take the pdc and file a case in case of insufficient funds/bouncing.

An agreement to sell must clearly lay down the terms the specific time period within which the agreement has to be finalized the property specifications the parties amount shareholders etc.

Don’t accept PDC 

2) if builder fails to honour cheque you have long legal battle ahead 

3) cheque bouncing cases take years to be disposed of 

4) in alternative you can terminate development agreement 

5) get development agreement vetted by lawyer 

If PDCs bounce, you’ll have recourse to file a cheque bounce case against this builder.

yes, not through RERA but the civil court.

Yes, by way of mortgaging the sale deed which you will have execute in his favour.

You can make a mention in the registered deed that if the PDCs are bounced or not honored for payment then the registration would be deemed to null and void or the builder can be sued separately for the recovery of the said amount and till such time the registration can be kept in abeyance.

Pledging the property is a different subject to that of the amount he is due to pay you, hence he can very well proceed if the bank permits him to do so.

Yes you can draft the sale deed as per the circumstances what you have stated here.

You n engage the services of an advocate practicing in  this subject to draft an effective sale deed suiting to your desire.  

-  In Pune, Maharastra : Registration is done before complete payment is done.

-  It is always mentioned in registered deed that how the complete payment will be done like bank loan, PDC etc

-  It is advisable that you make Agreement of Sale. Based on that builder will pledge the property to a bank.

-  Based on bank confirmation, you can execute Sale Deed. You can use fail-safe conditions in case of payment not made in defined period.

-  Same way it is done by builders to buyers of flats.

You can put PDC clause in the sale deed along with the cancellation of agreement if any one PDC get bounce or he has to pay interest accordingly for late payment or get the property equivalent from builder after construction is completed. 

1. If you are the seller then you must receive the complete sale consideration at the time of execution of sale deed. No sale consideration should be left pending after the transfer of title as then you are giving bone to the dog.

2. After the execution of sale deed the buyer will be free to create third party rights on the property bought by him. Non-payment of a part of sale consideration is an issue between you and him.

3. To give leeway to the buyer to pay any part of sale consideration after the execution of sale deed betrays rationality.

A clause in the sale deed can be added to the effect that 4 Cr. is paid at the time of registration  and for remaining balance of 4cr following  cheques are issued (give description of cheque) sale will be effective and valid on receipt of entire sale consideration. A proper clause should be drafted. Such clauses are legal and sale will be binding on seller only after he receives entire payment  as scheduled. Be careful he is builder, he knows every trick and very much capable of mischief.  

Dear Sir,

1) If you accept PDC and the builder fails to pay, then you will have to file case under sec 138 negotiable instruments act. Such cases on for years.

2) You should not execute a registered sale deed before getting total consideration in any case.

3) You can make a sale agreement and add all the clause with regards to payment of the 4 cr and futher about PDC, and mention that after all the consideration has been completed the execution of the registered sale deed will be done.

4) If you make a registered sale deed in favor of buyer before receiving all consideration then buyer will have right to create third party interests in the property.

5) You can't go against builder in RERA court.

Thank you

this is not a forum to ask lawyers to draft documents or give inputs on that

it is only for asking general legal queries

you must approach a competent lawyer and SPEND!!!! for having a good document drafted for you to ensure that your interest is safeguarded

Yes  you can still draft your clauses in your deed. 

1. You can not register a sale deed where full consideration has not been paid.

2.  So, you shall have to register a sale agreement mentioning all the clauses of the deal. Yopu should also mention therein that  the said agreement will considered as cancelled without serving anu notice on the prospective buyer if the terms of agreement including the payment terms are not complied with within the specifies period and in that case  10% if the amount of Rs.4 Crores to be paid initially shall be considered as forfeited and the balance amount will be refunded by you within one month thereafter making you free to sell the property to another party.

3. If there is no sale deed registered by you, the buyer will not be able to mortgage the said property.

4. Drafting of the said sale agreement shall have to be very skillfully done in this regard.    

- If the said PDC cheques not cleared , then that sale deed executed by you in favour of builder can be declared as invalid , hence you can mention in the sale deed that in the event of bouncing of the PDC , this document can be cancelled.

- Further, you cannot hold his complete project in case of denies of payment , except to approach the RERA or court against him. 

- Yes, before registration of sale deed, the builder can pledge the property after entering into sale agreement with you.