What is the effect of non-registration of an agreement under Section 4(1) of MOFA on the purchaser's rights to specific performance? What is the burden of proof when alleging that subsequent buyers are not bona fide purchasers for value without notice? What are the rights of plaintiffs who paid installments under a letter of intent but defaulted on payments after cancellation by the developer?

Key Points: - Plaintiffs filed suits for specific performance of flat purchase agreements with the Developer or, alternatively, refund of amounts paid with damages [1000527810001][1000527810005]. - Developer issued letters of intent reserving flats subject to payment of installments and compliance with conditions, including execution of agreement to sale upon full payment [1000527810003] (!) (!) . - Plaintiffs paid initial installments but stopped after Developer increased prices due to construction delays from litigation; Developer cancelled reservations via letter dated 19th December 1997 [1000527810005][1000527810007]. - Subsequent Buyers purchased the flats at increased prices, paid full consideration, and took possession; agreements with plaintiffs were not registered under Section 4(1) of MOFA [1000527810006][1000527810008][1000527810016]. - Trial court decreed specific performance in favor of plaintiffs; High Court reversed, ordering refund with 9% interest from cancellation date [1000527810009][1000527810011]. - No binding agreement to sell existed as letter of intent was conditional and unregistered; plaintiffs failed to fulfill payment conditions [1000527810021][1000527810022][1000527810024]. - Plaintiffs did not plead that Subsequent Buyers lacked bona fides or had notice, failing to discharge burden of proof; Subsequent Buyers held bona fide without registered document creating presumption of notice [1000527810014][1000527810025]. - Supreme Court upheld High Court, denying specific performance but modified interest to 12% p.a. from cancellation date, payable by Developer within two months [1000527810027].

What is the effect of non-registration of an agreement under Section 4(1) of MOFA on the purchaser's rights to specific performance?

What is the burden of proof when alleging that subsequent buyers are not bona fide purchasers for value without notice?

What are the rights of plaintiffs who paid installments under a letter of intent but defaulted on payments after cancellation by the developer?