Where may agreement for sale entered into under subsection (1) of section 6, whether entered into before or after the commencement of this Act, remains unregistered for any reason, then notwithstanding anything contained in any law for the time being in force, or in any judgement, decree or order of any court, it may be received as evidence of a contract in a suit for specific performance under Chapter II of the Specific Relief Act, 1963 (Central Act No. 47 1 . Substituted vide Punjab Act No. 21 of 2014 w.e.f 27.8.2014 2 . ‘and’ omitted vide ibid.
3.
Word ‘ánd’ added vide ibid.
4.
Added vide ibid.
of 1963), or as evidence, of part performance of a contract for the purposes of section 53A of the Transfer of Property Act, 1882, (Central Act No. IV of 1882), or as evidence of any collateral transaction not required to be effected by registered instrument.
[9. Accounts of sums taken by promoters. - The promoter shall maintain a separate account in any scheduled bank of sums taken by him from persons intending to take or who have taken apartments or plots, as advance, towards sale price or for any other purpose, or, deposit, including any sum so taken towards the share capital for the formation of a co-operative society or a company, or towards the outgoings (including ground rent, if any, municipal or other local taxes, charges for water or electricity, revenue assessment, interest on mortgages or other encumbrances, if any, stamp duty and registration fee for the agreement of sale and the conveyance); and the promoter shall hold the said moneys for the purposes for which they were given and shall disburse the moneys for those purposes including for the construction of apartments and, in the case of colonies, for meeting the cost of development works, and shall submit quarterly statement to the competent authority making full and true disclosure of all transactions in respect of that account and may utilize not more than fifty percent for any other purpose from the amounts so collected.]