Regarding banakhat

Nirav sharma (Querist) 14 March 2021 This query is : Resolved
Hello experts
I am planning to purchase a house under construction for which i had already paid booking amount of Rs 1 lakh in September 2020. The value of house along with furniture provided by the builder is 38.99 lakh. I have no idea regarding the procedure to be followed for banakhat. Please advise.
I read that 2 witnesses are required for banakhat. Are they from buyer's side or seller's side?
What is the procedure and benefit of registration of banakhat? Is it compulsory?
Is the presence of an advocate required for banakhat? If yes, who arranges for it, the buyer or seller?

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Quick Summary

This discussion clarifies the process and importance of 'banakhat', an agreement for sale, when purchasing an under-construction property. Key advice includes registering the agreement to secure your interests, understanding witness requirements (ideally someone known to you), and the potential benefits of registration, such as stamp duty reimbursement in some regions. It's also recommended to carefully review and potentially amend builder-provided contracts and consult with a document writer or lawyer.

J K Agrawal (Expert) 14 March 2021
Builders generally keep a readymade copy of contract and insist you to sign the same. it is highly requested to go through each and every condition carefully. you may amend the agreement as per your will.
in some state these type of agreement registration is required and the stamp duty get reimbursed in a few state while final sale deed is executed .
witness should be known to you and favourable to you.

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P. Venu (Expert) 14 March 2021
Is it a sale deed or agreement for sale?

Nirav sharma (Querist) 14 March 2021
It is an Agreement for sale

Advocate Bhartesh goyal (Expert) 14 March 2021
Agreement to sale is compulsorily registrable document.Get it registered and one witness should be known to you who can favour you if any dispute arise .

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Dr J C Vashista (Expert) 15 March 2021
I fully agree with expert opinion and advise of Mr J K Agarwal.
It is better to get the agreement to sell registered, which is otherwise, optional.

kavksatyanarayana (Expert) 15 March 2021
Now a days in many states, the sale agreement is a compulsorily registerable document. So get it registered and obtain witness signature knows to you also. A document writer/lawyer will prepare the document. so consult them.

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