Quick answer: the agreement for sale is the contract that protects you when you buy a flat under construction. Before signing, check the MahaRERA number, the carpet area, the total price and payment schedule, the possession date and delay compensation, the defect liability clause, the list of amenities and specifications, and the cancellation and refund terms. For Godrej Bandra Bay, MahaRERA registration is awaited, so no agreement has been released yet.
Last updated: 29 October 2026. This is general information based on the Real Estate (Regulation and Development) Act, 2016 (RERA), not legal advice. Always have a property lawyer review the draft agreement before you sign.
For a luxury home worth crores, the agreement for sale is the most important document you will sign. Brochures and sales conversations are not binding; the agreement is. This checklist explains the clauses that matter most and what RERA says about them, so you know what to look for in the draft.
Agreement for Sale Checklist at a Glance
| Clause | What to check |
|---|---|
| Project and registration | MahaRERA number matches the official website |
| Flat details | Unit number, floor, RERA carpet area, balcony/terrace separately, parking |
| Price | Total price, what it includes, taxes and other charges |
| Payment schedule | Linked to construction stages; no large payment upfront |
| Possession | Clear date; interest for delay as per RERA |
| Defects | Five-year defect liability from possession |
| Specifications | Fittings, finishes and amenities listed in writing |
| Cancellation | Refund terms if you or the developer cancel |
| Society and title | When the society is formed and title is transferred |
Which RERA Sections Protect You?
| Your right | Where it comes from |
|---|---|
| Project must be registered before booking or sale | RERA Section 3 |
| Carpet area defined by law and disclosed at registration | RERA Section 2(k) (definition) and Section 4 (registration disclosures) |
| No more than 10% advance without a registered agreement | RERA Section 13 |
| No change to your flat’s plans without your consent | RERA Section 14(2) |
| Five-year defect liability | RERA Section 14(3) |
| Society formation and transfer of title | RERA Sections 11(4) and 17 |
| Refund with interest, or interest for every month of delay | RERA Section 18 |
In Maharashtra, the interest payable for delay is set by the Maharashtra RERA Rules, 2017 – it is linked to the State Bank of India’s highest marginal cost of lending rate (MCLR) plus 2%. MahaRERA has also prescribed a model form of agreement for sale; ask the developer to point out any clause that differs from it.
Before You Sign: Three Basics
- The project is registered on MahaRERA. The agreement should quote the registration number. See how to check it in our Godrej Bandra Bay RERA guide.
- You have read the draft in advance. Ask for the draft agreement days before signing, not on the day.
- No more than 10% before the agreement. Under RERA, a developer cannot take more than 10% of the cost as an advance without a registered agreement for sale. Pre-launch payments are covered in our EOI and pre-launch booking guide.
Before the agreement stage, visit the project with our site visit checklist.
The Clauses That Matter Most
Parking deserves its own check: see what MahaRERA says about garage, covered and open parking.
1. Flat Description and Carpet Area
Check the unit number, floor, RERA carpet area, any balcony, deck or terrace area listed separately, and the number of car parks. Attach the floor plan of your exact unit. The agreement should explain what happens if the delivered carpet area differs from the agreed area. Learn the terms in carpet vs built-up vs super built-up area.
2. Price and What It Includes
The agreement should state the total price and break down what it includes – for example parking, clubhouse, development charges – and what is extra, such as GST, stamp duty, registration, corpus fund and advance maintenance. Our guides to stamp duty, GST and registration and maintenance and running costs help you budget for the extras.
3. Payment Schedule
For an under-construction flat, payments should be linked to construction stages (for example, plinth, each slab, completion), not to calendar dates alone. Check that the schedule matches what you were told, and whether there is any penalty interest for late payment by you. If you are taking a loan, share the schedule with your bank early – see our home loan guide.
4. Possession Date and Delay (Section 18)
The agreement must give a clear possession date. Under RERA, if the developer fails to hand over possession as agreed, you can either withdraw and get your money back with interest, or stay and receive interest for every month of delay. Read the force majeure clause carefully – it should not be so wide that any delay is excused.
5. Defect Liability (Section 14(3))
Under RERA, if a structural defect or a defect in workmanship, quality or services is reported within five years of possession, the developer must fix it without charge within 30 days. Make sure the agreement does not reduce this.
6. Specifications and Amenities
Brochure promises are not enough. The agreement or its annexures should list specifications (flooring, kitchen, bathrooms, windows, air-conditioning provisions) and amenities, with a timeline for when common amenities will be ready.
7. Changes to Plans
Under RERA, the developer cannot change the sanctioned plans or specifications of your apartment without your consent. Changes affecting common areas generally need the consent of at least two-thirds of the allottees, except as permitted by law. Check how the agreement handles future changes.
8. Cancellation and Refund
Read what happens if you cancel (how much is deducted, and how fast the refund is paid) and if the developer cancels or fails to deliver. Deduction terms should be reasonable and clearly stated.
9. Society Formation and Title
The agreement should say when the residents’ society or association will be formed and when the title and common areas will be transferred to it, as required by law.
Red Flags in a Draft Agreement
- No MahaRERA number, or a number that does not match the official website.
- Possession date missing, vague, or with an open-ended “grace period”.
- Very wide force majeure clause or one-sided penalties.
- Amenities and specifications only in the brochure, not the agreement.
- High cancellation deductions or no refund timeline.
- Clauses that ask you to give up rights you have under RERA.
The agreement also decides your rights at handover – see our guide to the OC, possession letter and snagging.
Signing, Stamp Duty and Registration
In Maharashtra, the agreement for sale is stamped and registered. Stamp duty and the registration fee are paid at this stage – see our stamp duty and total cost guide. Keep the registered copy, the index II and every payment receipt safely. NRI buyers can sign through a power of attorney – see our NRI guide.
Check what every buyer must bring to the sub-registrar office in our documents and KYC checklist.
Where Godrej Bandra Bay Fits In
Godrej Bandra Bay at Bandra Reclamation offers 4 BHK homes only, approx. 2,900–3,500 sq ft*, starting from ₹29 Cr*, in one tower of approx. 26 storeys*. MahaRERA registration is awaited and no agreement for sale has been released, so possession dates, payment plans and specifications are not yet confirmed. Follow the latest Godrej Bandra Reclamation update, and use our checklist before booking when the project launches.
Buyers comparing projects nearby also follow Adani Bandra Reclamation, and another summary of this project is on the Godrej Bandra Reclamation property page.
Sources and Official References
- MahaRERA (Maharashtra Real Estate Regulatory Authority): the RERA Act, Maharashtra RERA Rules 2017, model agreement and complaints.
- IGR Maharashtra – stamp duty, ready reckoner rates and registration: stamp duty and registration of the agreement.
We link to official sources for rules. Rates and rules can change – check the current position before you pay.
Agreement for Sale: Key Takeaways
- The agreement for sale – not the brochure – is what protects you.
- Check MahaRERA number, carpet area, price, payment schedule and possession date.
- RERA: max 10% before a registered agreement; interest for delay; five-year defect liability.
- Get specifications, amenities and refund terms in writing.
- Have a property lawyer review the draft before you sign.
For every project detail in one place, start at the Godrej Bandra Bay home page, read the complete Godrej Bandra Reclamation guide or visit the Godrej Bandra Reclamation project page.
Want to know when the agreement is available? Send an enquiry for verified updates on Godrej Bandra Bay.
Frequently Asked Questions
What is an agreement for sale?
An agreement for sale is the legal contract between the developer and the buyer for a flat in a project. In Maharashtra it is stamped and registered. It sets out the flat, carpet area, price, payment schedule, possession date, amenities and both parties’ rights and duties under RERA.
Can a developer take money before the agreement for sale?
Under RERA, a developer cannot accept more than 10% of the cost of the flat as an advance or application fee without first entering into a written, registered agreement for sale with the buyer.
What happens if possession is delayed?
Under RERA, if the developer fails to give possession as per the agreement, the buyer can choose to withdraw and get a refund with interest, or stay in the project and receive interest for every month of delay until possession. The exact terms should be in the agreement.
What is the defect liability period under RERA?
If a structural defect or a defect in workmanship, quality or services is reported within five years from the date of handing over possession, the developer must fix it without further charge, within 30 days, as per RERA.
Can the developer change the plans after I book?
Under RERA, the developer cannot make additions or alterations to the sanctioned plans and specifications of your apartment without your consent, and changes affecting the building’s common areas generally need the consent of at least two-thirds of the allottees, except as permitted by law.
Has Godrej Bandra Bay released its agreement for sale?
No. MahaRERA registration for Godrej Bandra Bay is awaited, and no agreement for sale has been published. Once the project is registered, the draft agreement should be available to review before you sign.
*Prices, sizes and other details are indicative and subject to change. Please verify all details with the developer and on the MahaRERA website before making any decision.
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