Way back 2012, I enter into a development agreement with a local developer so as to let developer construct a multi-storied building on 3 cottah of land with the condition that out of total constructed area, I would get x percent of share & developer would get y percent of share. This development agreement was registered on 2012 as per the law in West Bengal.during construction, developer has sold out all flats to respective buyers from his allocation.Now, One of the buyers is willing to sell out its own flat due to personal reason & I have shown interest to buyer to buy that flat.But, that flat from developer's allocation is yet to be registered with the buyer & developer has only provided the possession letter to buyer.
When I discussed with developer regarding the purchase of flat from buyer directly then developer suggested me something in order to avoid registration charge. Developer told me that he will include this flat as additional share in my possession letter on top of my agreed share as per the agreement. And, Developer will execute a deed of cancellation with the buyer to cancel the agreement & I need to pay back the entire amount to buyer which buyer had paid to developer to buy the flat. Even, buyer has also agreed to it since buyer is only concerned with the money. However, developer is assuring me that there will be no legal issue & with this I will be able to save entire registration cost.
I understand the benefit of proposed approach by developer, but my concerns are given as below,
1) Will this approach become legally strong & acceptable?
2) If any legal issue arises in future, can I legally protect this flat?
3) Should I go for registration or with the proposition of developer?
Would be very helpful if you provide your guidances to get rid of this dilemma.
