Limitation period with respect to purchase agreement with builder
B had purchased shop on resale from A in July 1976. ( 2 ) A had executed flat buyer agreement with builder dated 12.02.1973 and B agreed to abide by the terms and conditions of the flat buyer’s agreement referred to above and accept the rights and liabilities there under. B purchased shop on resale from A in July 1976 and paid balance 10% payment to the builder.Builder approved the above. In the above agreement dated 12.02.1973, its clause 6 stated that flat buyer agreement will be executed in company standard form. Clause 12 of the above flat buyer agreement dated 12.02.1973 states that- The conveyance of the building will be executed in the name of of limited company or body corporate/co-operative society to be decided by the Promoter --------- The builder handed over possession to B with possession letter dated 19.08.1982 stating that the possession was given to B in dec 1978 & also stated that B has paid the builder full consideration for the shop and the shop is owned by B I do not have flat buyer agreement. Now I think my matter will come under sec 53A of T.P. act. I think sale deed cannot be made as it is DDA lease hold property. Now I want to approach the builder and ask him to sign the flat buyer agreement which will have to be registered now. 1. From which period time will began to run (period of limitation) against Me(B) for signing the purchase agreement with builder as I want to ask the builder to sign the purchase agreement now. 2. Kindly inform under which article of limitation act/contract act it will come. 3. I may need shop buyer agreement for apartment deed and making it freehold under Delhi apartment ownership act 5.You may refer to section 4 & 6 of The Delhi apartment ownership act. 5. I am in possession of my shop.
S. 53 of the Transfer of Properties Act talks about part performance. It says that if you have the possession and till you have paid the entire consideration and willing to do so, your right on the property against any third party is secured. However, you will not be regarded as the owner of the property. In your case, you have mentioned that not only do you have possession of the property, but also you have paid all the due considerations. Not only that, the builder has recognized the same as well. Thus, there exists no doubt as to you being the owner of the property.
Period of limitation will start from the date of breach of obligation. S. 4 and 5 of the Delhi Apartment Ownership Act essentially says that if you have been allotted complete ownership, which you have been, then you are also entitled to enjoy some part of the common area also. However, if you say that the property is a lease hold property, then your entire transaction will be held void as you cannot be a owner of a leased property. You can only enjoy the possession on a leased property and not ownership.
Book a phone consultation with a top-rated lawyer on Lawfarm.