A license to Sell is required by law in order to protect buyers from unscrupulous developers. Further, A license to Sell is granted only to developers who have organizational capabilities to develop and complete the project on time. The potential risk of buying a property without a license is that the project may never be completed at all even after you have paid the full amount.
If the developer has not been given a license to sell - they may have trouble with complying with the requirements.
Please read the BUYERS Category and Developers Category in the same website so you get the full picture.
WHAT BUYERS NEED TO KNOW BEFORE BUYING
WHAT DEVELOPERS SHOULD KNOW
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