Transfer of property is mainly governed by the Transfer of Property Act, Indian Registration Act and Indian Contract Act.
Under Section 54 of the Transfer of Property Act, if a price is fixed for the property by mutual agreement, and one person promises to pay the price in whole or in future, or pays the price in part,or pays the whole amount, and registers the transfer of the property, it is deemed to be a transfer of property under the Act. The registration of the property once made cannot be canceled if the buyer cheats the seller without paying the full price of the property in this transfer. Instead the property owner can approach the court for the amount not received in the sale price.
Dahiben v. Supreme Court held that even if the agreed price is not paid in full, the registration of the property once transferred and registered by mutual consent cannot be cancelled. As stated in the case of Arvindbhai Kalyanji Bhanusali, 2020 SCC 562, decided on 09.07.2020.
So be careful when you believe the promises and give the property without getting the full amount
