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9. It is understood that the time is evence of this agreement. In the event of any delay the completion of the plinth and other facilities or if there is a faulty workmenship or the structure is found to be defective, the party no.2 would not be bound to take the plinths on lease and the earnest money deposited by the party no.1 shall be forfeited. The decision of the opposite party no.2 would be final in this regard and shall not be questioned by the party no.1. The earnest money shall also be forfeited in case the party no.1 alters, modified the terms of the agreement, withdraws and the offer, charges, etc. The construction of the ownership and/or fails to complete the construction of plinth and other facilities within the time stipulated for constructions.

It is thus clear that if the agreement is such which may amount to a present demise even though the document may be contemplated to be executed later on it may be a document or agreement creating the rights. There must be demise of the property in praesenti. But an agreement for securing another agreement or deed in future would not be such an agreement or document which may require registration. Clause 8 of the agreement did not create any right in praesenti nor there was any immediate demise of the property. It was only an executory agreement. The construction of the plinth it seems had yet to start with other facilities and amenities. On completion, such a certificate was to be obtained from the defendant. It was thereafter that the possession was to be handed over under the lease agreement which was to be executed between the parties. The construction was to be strictly in accordance with the directions and specifications of the defendant. Condition no.9 also contemplated that if the structure was found defective or workmenship was faulty the defendant could refuse to take possession of the premises and the earnest money was liable to be forfeited. Hence it is evident that no possession, right or title had passed on in praesenti at the time of execution of the agreement, and there were many prior conditions attached thereto. Such an agreement, in our view, has been rightly held to be only an executory agreement and not an agreement creating rights in the immovable property, hence not compulsorily required to be registered. It was a mere agreement between the parties which was not registered but was admissible in evidence.