Property and Real Estate : Law Related to Development Agreements Executed in Favour of Builders by Owner
This is clear from S.54 of Transfer of Property Act, 1882 that sale is a transfer of ownership. When there is no transfer of ownership, there is no sale.
Adityaraj Builders v. State of Maharashtra [2023] GCtR 2500 (Bombay) has discussed issues related to development agreement. Clear inference from page 39 is that developer is not the owner. Developer's obligation is to complete construction ; ownership remains with the owner.
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