(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, [no transfer of any immovable property in such area and of such value exceeding five lakh rupees, as may be prescribed,] [ Substituted by Act 22 of 1995, Section 46, for " no transfer of any immovable property of such value exceeding five lakh rupees as may be prescribed" (w.e.f. 1.7.1995).] 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 [four months] [ Substituted by Act 38 of 1993, Section 33, for " three months" (w.e.f. 1.6.1993).] before the intended date of transfer.
