Kagaznama

Resale Agreement for an Under-Construction Property

At a glance

Price: Free
Stamp duty: Duty follows the resale instrument's true legal character — not automatically the final-conveyance rate before title passes.
Registration: Depends on the legal effect and rights transferred; if compulsorily registrable, present within the statutory period.
Witnesses: Both principal parties should sign; two independent witnesses are prudent for a substantive resale agreement, though the promoter's own process may prescribe a different format.

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Also called

under-construction resale agreement
allotment resale contract
project unit resale agreement

When you need it

For buying/selling an under-construction unit from an existing allottee before the promoter's final conveyance. Two payment layers: a resale premium to the outgoing allottee, and a separate unpaid balance owed the promoter.

Identify both, promoter approval/substitution, the demand cutoff, lender payoff, transfer charges. For a RERA project, rights pass only via recognised substitution. Without this, the buyer can face cancellation for unpaid instalments. A conditional resale of allotment rights, not a sale deed.

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You can fill this one in on this site, and read the whole draft on screen before you decide anything about it. It is a carefully drafted template; it is not advice about your own facts.

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See stamp duty, registration and witnesses

What follows is written for Punjab and Chandigarh. It states the position there rather than describing how it varies, so the amounts below are the ones that apply — worth confirming at the sub-registrar’s office, because rates change. If the property is anywhere else in India, none of this is yours.

Stamp duty

Duty follows the resale instrument's true legal character — not automatically the final-conveyance rate before title passes. Buy the stamp before/at signing (s.17); if the Sub-Registrar (tehsil, or UT Chandigarh Sector 17) can't say which article applies, get it adjudicated by the Collector (s.31). Unstamped: inadmissible until duty+penalty is paid (s.35).

Registration

Depends on the legal effect and rights transferred; if compulsorily registrable, present within the statutory period. Doesn't replace the eventual registered conveyance.

Notarisation

Not required for an allotment/booking transfer; doesn't replace registration where the operative instrument needs it.

Witnesses

Both principal parties should sign; two independent witnesses are prudent for a substantive resale agreement, though the promoter's own process may prescribe a different format.

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RESALE AGREEMENT FOR AN UNDER-CONSTRUCTION PROPERTY

Agreement date: 1 April 2026

1. PROJECT AND EXISTING RIGHTS

Transferor: Harpreet Singh, Sector 35, Chandigarh. Transferee: Aarav Sharma, Sector 21, Panchkula. Promoter: ABC Developers Pvt Ltd, Airport Road, SAS Nagar, Punjab.

Project: ABC Heights. RERA no.: PBRERA-SAS79-PR0123. Unit: Tower B, Apartment 804, Apartment/flat - 3 BHK apartment, 1,850 sq ft super area, one basement parking right.. Existing instrument: Agreement for Sale dated 10 February 2025.

Original promoter price: ₹1,20,00,000 (Rupees One Crore Twenty Lakh only). Paid to promoter: ₹60,00,000 (Rupees Sixty Lakh only). Balance to promoter: ₹60,00,000 (Rupees Sixty Lakh only).

2. RESALE ECONOMICS

The Transferor agrees to transfer, and the Transferee agrees to take, the Transferor's rights as allottee of the unit under the existing instrument, on the terms below. Total resale price between parties: ₹85,00,000 (Rupees Eighty Five Lakh only). Premium or adjustment: ₹25,00,000 (Rupees Twenty Five Lakh only). Booking amount paid to transferor: ₹5,00,000 (Rupees Five Lakh only). Balance to transferor: ₹20,00,000 (Rupees Twenty Lakh only).

Payment milestone: On promoter NOC.

Where the law requires the Transferee to deduct tax at source from the resale price, the Transferee deducts it, deposits it within the time allowed and gives the Transferor the certificate; tax properly deducted and deposited counts as payment of that much of the price.

3. PROMOTER INSTALMENTS

Promoter balance: Transferee assumes all promoter instalments falling due after substitution.

Transfer condition: Agreement is conditional on promoter approval or recognised substitution.

4. LENDER AND PROJECT RISK

Lender condition: No existing lender finance.

Construction/project risk: Transferee assumes project risk and promoter rights after effective substitution, without waiving statutory rights.

5. FAILURE, DOCUMENTS AND CLOSING

If transfer fails without transferee default: Transferor refunds inter-party money within stated days within 7 days. Document handover: After promoter substitution. Special terms: Transfer charges shared equally; brokerage borne by each side separately.

This agreement does not itself operate as the final conveyance of the completed unit. The promoter-facing allottee change must be completed in the manner required by the operative project documents and applicable law.

6. EXECUTION

______________________________
Signature
Transferor: Harpreet Singh
Place: ____________________
Date: 1 April 2026

______________________________
Signature
Transferee: Aarav Sharma
Place: ____________________
Date: 1 April 2026

Questions about this document

Does the Resale Agreement for an Under-Construction Property need stamp paper or stamp duty in Punjab and Chandigarh?

Duty follows the resale instrument's true legal character — not automatically the final-conveyance rate before title passes.

See the full position on stamp duty, registration and witnesses

Does the Resale Agreement for an Under-Construction Property need registration in Punjab and Chandigarh?

Depends on the legal effect and rights transferred; if compulsorily registrable, present within the statutory period.

See the full position on stamp duty, registration and witnesses

What does the Resale Agreement for an Under-Construction Property cost on Kagaznama?

Free.

Documents are free. Only kits are paid.

Does the Resale Agreement for an Under-Construction Property need witnesses?

Both principal parties should sign; two independent witnesses are prudent for a substantive resale agreement, though the promoter's own process may prescribe a different format.

See the full position on stamp duty, registration and witnesses

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