Restrictions on transfer of immovable
property.
269UC. (1) Notwithstanding
anything contained in the Transfer of Property Act, 1882 (4 of 1882), or in any
other law for the time being in force, 73[no transfer of any
immovable property in such area and of such value exceeding five lakh rupees,
as may be prescribed 74], shall be effected
except after an agreement for transfer is entered into between the person who
intends transferring the immovable property (hereinafter referred to as the
transferor) and the person to whom it is proposed to be transferred
(hereinafter referred to as the transferee) in accordance with the provisions
of sub-section (2) at least 75[four] months before the
intended date of transfer.
(2) The agreement referred
to in sub-section (1) shall be reduced to writing in the form of a statement by
each of the parties to such transfer or by any of the parties to such transfer
acting on behalf of himself and on behalf of the other parties.
76(3) Every statement
referred to in sub-section (2) shall,—
(i) be in the prescribed form ;
(ii) set forth such particulars as may be
prescribed ; and
(iii) be verified in the prescribed manner,
and shall be furnished to
the appropriate authority in such manner and within such time as may be
prescribed, by each of the parties to such transaction or by any of the parties
to such transaction acting on behalf of himself and on behalf of the other
parties.
77[(4) Where it is found that
the statement referred to in sub-section (2) is defective, the appropriate
authority may intimate the defect to the parties concerned and give them an
opportunity to rectify the defect within a period of fifteen days from the date
of such intimation or within such further period which, on an application made
in this behalf, the appropriate authority may, in its discretion, allow and if
the defect is not rectified within the said period of fifteen days, or as the
case may be, the further period so allowed, then, notwithstanding anything
contained in any other provision of this Chapter, the statement shall be deemed
never to have been furnished.]