Hi Experts,
Our family comprising 4 members have entered into an Unregistered Development Agreement with 2 partners (builders) in 2006. Agreement had precise target end date as end of 2007. At the end of 2007, agreed work could not be completed by the builders. There was no further arrangement to extend the Agreement. In 2008, one of the builders had even released his share of property back to us after obtaining necessary financial consideration and through another relinqueshment deed/agreement for releasing his entire rights in the property. However, there arised a dispute with the other builder who wanted his share in the property registered on his name despite incompletion of several works as per the original builder agreement and that the agreement itself expired. He never relinquished his rights nor we entered into any extension of agreement. Under such circumstances, will this expired, unregistered builder agreement cause any problem for us if we want to sell the property in future.
Please clarify.
Thanks.
Vijay
