The New Construction Purchase and Sale Agreement is a crucial legal document used in India when purchasing property directly from a developer in new construction projects. This agreement is essential for both residential and commercial properties and must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), along with other state-specific real estate laws. It is used when a buyer purchases a property that is either under construction or newly completed, detailing everything from construction specifications to payment schedules. The agreement includes essential elements such as property details, possession timelines, warranties, and maintenance terms, while ensuring adherence to regulatory requirements for transparency and buyer protection. It serves as the primary contract governing the relationship between the developer and the buyer throughout the construction and handover process.
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1. Parties: Identification and details of the Developer/Seller and the Purchaser(s)
2. Background: Context of the transaction, including project details and RERA registration information
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property including unit number, floor area, specifications, and boundaries
5. Purchase Price: Total consideration, payment schedule, and payment methods
6. Payment Terms: Detailed payment milestones, installment schedule, and consequences of default
7. Construction Timeline: Agreed construction milestones, completion date, and possession timeline
8. Specifications and Amenities: Detailed specifications of construction, materials, and promised amenities
9. Warranties and Representations: Warranties from developer regarding title, approvals, and quality of construction
10. Purchaser's Covenants: Obligations and undertakings of the purchaser
11. Developer's Covenants: Obligations and undertakings of the developer
12. Possession and Handover: Terms and conditions for possession, inspection, and acceptance of the property
13. Maintenance and Usage: Terms regarding maintenance charges, society formation, and usage restrictions
14. Default and Remedies: Consequences of default by either party and available remedies
15. Force Majeure: Provisions for unforeseen circumstances affecting construction or completion
16. Notices: Method and addresses for serving notices between parties
17. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
18. Dispute Resolution: Process for resolving disputes between parties
19. Execution: Signature clauses and execution formalities
1. Loan and Financial Institution: Include when purchaser is obtaining bank financing, detailing tripartite arrangements
2. Car Parking: Include when specific car parking spaces are being allocated
3. Club Membership: Include when project includes club facilities with membership terms
4. Interior Work: Include when developer is providing custom interior work
5. Power Backup: Include when specific power backup facilities are being provided
6. Assignment Rights: Include when allowing assignment of rights before possession
7. Stamp Duty Provisions: Include when specific arrangements for stamp duty payment are needed
8. GST Provisions: Include when specific GST arrangements or benefits apply
9. Environmental Compliance: Include when project requires specific environmental commitments
1. Schedule A - Property Description: Detailed technical description of the property with measurements and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and construction-linked payment milestones
3. Schedule C - Specifications: Detailed construction specifications, materials, and finishing details
4. Schedule D - Floor Plan: Approved floor plan of the unit with dimensions
5. Schedule E - Common Areas and Facilities: Details of common areas, facilities, and their usage rights
6. Schedule F - Maintenance Terms: Detailed maintenance charges and terms
7. Schedule G - Construction Timeline: Detailed construction and delivery milestones
8. Schedule H - List of Approvals: List of obtained and pending approvals
9. Appendix 1 - RERA Registration: Copy of RERA registration certificate and details
10. Appendix 2 - Title Documents: Summary of title documents and encumbrance certificate
11. Appendix 3 - Amenities Layout: Layout plan showing project amenities and facilities
Relevant legal definitions
Clauses
Relevant Industries
Real Estate Development
Construction
Property Development
Residential Real Estate
Commercial Real Estate
Banking and Finance
Legal Services
Architecture and Design
Urban Development
Relevant Teams
Legal
Real Estate
Sales
Compliance
Construction
Project Management
Finance
Property Management
Business Development
Risk Management
Relevant Roles
Real Estate Developer
Property Manager
Construction Manager
Legal Counsel
Real Estate Attorney
Project Manager
Sales Director
Compliance Officer
Property Consultant
Financial Controller
Architect
Civil Engineer
Real Estate Agent
Contract Manager
Development Director
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