Gpa , spa , agpa documents

Querist : Anonymous (Querist) 15 October 2011 This query is : Resolved
Good evening to all- recently supreme court passed a ruling that from october-11 2011 valid instrument of transaction of property is the sale deed only. i have a query that what will be the effect on the person/s or builders who had / have entered in to development agreement cum gpa with the land owners and what will be effect of this ruling on those builders. will the builders will have power to alienate its share as per allotment made in development agreement or the sale deed had to be executed by the original owners themselves.

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Sankaranarayanan (Expert) 15 October 2011
i hope you have to read full judgement of the bellow
Suraj Lamp & Industries Pvt. Ltd.
Vs.
State of Haryana & Anr. …

ajay sethi (Expert) 15 October 2011
i beleive the judgement has held that development agreement entered into by builders with the land owners through power of attorney are not affected .

buuilders will have power to alineate its share as per provisions in devellopment agreement .

read earlier posts on this sitw wherein i have reproduced relevant extracts of the judgement

Shailesh Kr. Shah (Expert) 15 October 2011
Extract of Relevant part, as asked:-

"A person may enter into a development
agreement with a land developer or builder for developing the land either by
forming plots or by constructing apartment buildings and in that behalf execute an agreement of sale and grant a Power of Attorney empowering the developer to execute agreements of sale or conveyances in regard to individual plots of land or undivided shares in the land relating to apartments in favour of prospective purchasers. In several States, the execution of such development agreements and powers of attorney are already regulated by law and subjected to specific stamp duty. Our observations regarding
‘SA/GPA/WILL transactions’ are not intended to apply to such bonafide/genuine transactions."