Why it matters. It sets out what a sale or a lease is, and how it is made. It also contains the part-performance protection in Section 53A that the Supreme Court discussed in Suraj Lamp — protection that defends possession under a contract, but does not convert a contract into ownership.
Practical point. Read the Act together with the Registration Act and the applicable stamp law; the form and registration of the document matter as much as the agreement between the parties.