Legal Question in Real Estate Law in India

Yes if you both are agreed.

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PB. & HRY. HIGH COURT CHANDIGARH (INDIA)

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The parties may enter into a fresh agreement based upon the previous agreement.

In my opinion what is to be inferred from the agreement is that whether or not the time was essence of the agreement. Was there any clause requiring completion of the contract by a particular time. if not, then in that case on the basis of the same agreement the bank may finance and you may get the property registered in your name. However, if time was essence of the contract but the builder has not yet repudiated the contract, then, subject to the terms of the contract/agreement you still may get the finance from the bank.

the simple way out is to enter another agreement and start the fianance process with the bank. in the fresh agreement, a clause can be added regarding the previous agreement so that the terms and conditions of previous agreement hold good.

An agreement is no like a medicine with expiry. Anybody concerned with the agreement need to see whether agreement is valid, subsisting and in full force.

If your banker insist, consider execution and registration of a Supplemental Agreement or Confirmation.

In general sense an agreement of sale would be confined to some fixation of time,I assume the bank demanded a fresh agreement basing on the expiry of the agreement.You may revalidate the same agreement by submitting an extension of the same agreement with fresh dates mentioned.