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9. It shall be understood that the time is the essence of this agreement. In the event of any delay in the completion of the plinth and other facilities or if there is a faulty workmanship 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. I 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 incase the party No. 1 alters, modifies the terms of the agreement, withdraws the offer charges, etc. The constitution of the ownership and/or fails to complete the construction of plinth and other facilities within the time stipulated for constructions.

11. Admittedly, Ex. P. 8 is not the document, as contemplated in Section 17(1)(d). It is contended that the document falls in clause (b) of Section 17. therefore, in the absence of registered document. the terms as contracted, cannot be enforced. Whether an agreement operates as lease or agreement for a lease is a matter of construction. The words "agreement for a lease" must relate to some document that creates a present and immediate interest in the immovable property.

12. From the reading of Ex. P. 8 it is clear that the respondent on acceptance of its offer for construction of plinths along with other facilities upon pieces of land, as per Appendix 'A' of Ex. P. 8 agreed to lease out the constructed plinths on obtaining acompletion certificate from the F.C.I. or any of its officers nominated by F.C.I. and to hand over the plinths and other facilities to FCI under lease agreement to be executed between the parties for a period of three years at the rate of 0-40 paise per sq. ft. with a right of option to FCI to extend the lease for a period of one year more on the same terms and conditions applicable to lease. The lease agreement was to be executed between the parties in the proforma to be prescribed by FCI. Necessary stamp duty as per requirement for execution of the lease deed was to be borne by the respondent. Clause 9 provides that in the event of any delay in the completion of plinths and other facilities or if there is a faulty workmanship or the structure is found to be defective, the FCI was not bound to take the plinths and the earnest money deposited by the respondent was liable to be forfeited. Therefore, the terms as contained in Ex. P. 8 clearly demonstrate that the demise was not in presenti nor was at a future date. There was no transfer of the right to be in possession, as the right was not created at once. An agreement to lease must be an instrument which effects an actual demise and operates as a lease. In other words, the agreement between two parties which entitles one of them merely to claim the execution of the lease from other without creating present and immediate demise or interest in his favour, is not included under Section 2(7) of the Registration Act or under Section 105 of T.P. Act. See Hemant Kumari Devi v. Midhapur Zamindari, AIR 1919 PC 79.