harpal singh 07 August 2015
Please advise on what to do when we received flats in the building built by the builder in exchange of land that we gave to him under mutual agreement?
Do we have to register the flats in the registrar's office? If yes, then what fees will we pay as we have not bought the flats but gave our land in exchange. Had we had so much money to register the flats then why would we give the land to some one else; we would have constructed our own house.
Adv.Vandana Vaidya (Advocate & Regd. Patent Attorney) 07 August 2015
To transfer the property and to hold a valid title, you will have to register your exchange of properties through a mutual agreement, by making a "Deed of Exchange". You both can share the expenses of the registration fee and the stamp duty required for this registration at the sub registrar of Assurances.
kavksatyanarayana (subregistrar/supdt.(retired)) 07 August 2015
I agree with the opinion of Mr.adv.Vandana vaidya. the stamp duty and registration fee shall be borne by both of you as applicable to the state where the property is situated.
harpal singh 08 August 2015
Thank you Adv. Vandana Vaidya Ji and Shri Kavksatyanarayana Ji for your valuable expert advise.
A confusion still remains that whether this registration will be of the agreement mentioned by you or will it be of the property? If the agreement has to be registered then I hope the stamp duty/fees should be very less like the one payable to register a trust deed for example. I also hope that the fees for registration of flats will not be applicable i.e. somewhere around 2/2.5 Lacs Rupees as far as I know.
Please help. I request all experts to kindly suggest.
PS- This is a matter of Jamshedpur, Jharkhand
Thank you
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