Narend (D) 10 April 2010

Stamp Duty and Registration of resale flat

Dear Experts,

I have entered in an MOU for purchasing a flat in Ghansoli, Navi Mumbai for 14 Lakhs. The owner has Agreement of sale from builder, OC, CC and an existing home loan on the flat. The flat is still under builder as society is not yet formed (process is ongoing). Property tax is paid on flat no and not on owners name.

Please advice what are the documents that i should check.

What is the process of Registration and Stampduty.

What is the amount for Stampduty and Registration.

Is Stamp duty paid on market vaule or Agreement value of property. (Someone advised me that stampduty can be paid on market value.)

After the registration, to which authorities do i have to approach to get the property on my name.

I am purchasing home for first time hence need to know complete cycle, hence any helpful information is appriciated

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1 Replies

GAUTAM (SELF PRACTITIONER) 12 April 2010

Hi Naren,

Documents to be checked;

1. Ask for the letter from the existing banker from whom loan is taken to confirm that the original agreement to sell is with them. Also ask for the list of other documents available with them

2. Since Society/Apartment is not formed, you may require an NoC from the Builder. Check the costs fo the same;if any

3. Check whether letter of allotment of Flat is issued by the builder

4. Check whether full payment is made by present owner to th Builder

5. check whether the builder is levying any maintenance charges

As regards the stamp duty, the same is payable in mrkt value or value stated in the doument which ever is higher. If it is an old construction you can claim depreciation.

After registration, you need to have the changes recorded with electricity depatment, corporation, and most important make sure that you have a clause stated in your document that the present owner shall agree to sign and execute all documents, forms, applications so as to have the flat registered in your name as and when required.