Anup (None) 17 January 2011

Need help with land purchase docs in Navi Mumbai

Dear sirs,

I have zeroed upon a 100sqm CIDCO tender plot in Kharghar, Navi Mumbai. I have given the 20% amount as token to the seller after both the parties signed an MoU prepared by a lawyer. Title search has been carried out and the property seems to be clear from any issues (confirmed with lawyer). The seller has to pay property tax on the plot and we are good to go completing the transaction

I am in a bit hurry as I have to leave for US for two months soon. The seller says he needs around 10 days to pay up the property tax and settle other dues in CIDCO. I was wondering if I could expedite the process a little. I need your help with:

1. Should we both sign a Agreement For Sale in the meantime and complete most payment (say 75%) including black portion (20% of property value)? Do I need to register the Agreement For Sale or the registration of tripartite is sufficient?

2. The seller will not sign all the documents until he receives full payment. And I do not wish to pay up black portion (not mentioned anywhere) until I have at least one legally binding document that makes sure that seller cannot go back on the deal. Is the Registration For Sale powerful enough document? Or do I need to get some other document signed.

3. The process recommended by lawyer is as follows:

3.1. We both sign the Agreement For Sale. No need to register it as it's just for tax and bank loan purposes.

3.2. I pay stamp duty, get the plot transferred in my name and get the tripartite document registered.

With the above two steps, will I become the legal owner of the plot or do I need to do something else as well?

Many thanks in advance.

Reply Follow

6 Replies

(Guest)

who is seller?

a) original allotee under 12.5% Scheme?

b) is it tender plot?

if answer is b) then following steps you must take.

Reply to your parawise question:

1) First seller has to obtain the NOC from the CIDCO to transfer the said plot in your name.

2)As you already paid 20% amount of the consideration. you may make the payorder in the name of seller and handover the cash and PO at the time of executing the sale agreement at the office sub registrar of assurance.

3.1) without registered documents the plot will remain in the name of the seller. you must have registered the documents before the sub registrar of assurance.

3.2) After registration of sale deed you have to produce the certifiy true copy of sale deed to the CIDCo with payment of neccessary transfer charges, then CIDCO will issue final order in favour of you confirming that you are the owner of the plot.

Anup (None) 18 January 2011

Thanks Mr Joshi,

It's a tender plot

I have more queries now:

1. While the seller gets an NOC from CIDCO, can we execute the Sale Deed and register it?

2. Seller wants more payment before final registration. Can I pay him more and rely on the sale deed that it will protect me and won't let seller walk out from the deal?

3. Since the stamp duty to be paid is on Ready Reckoner rate, which document will have the actual deal amount (except black) that I can produce to Income Tax Department and Bank for Loan? Is it Sale Deed?

Thank you very much once again.

(Guest)

1) yes you can.

2) Just show payorder to him before executing the sale deed. handover him immediately at the sin of sale deed for registrar.

3) stamp duty payable on market value as per ready reckoner

Anup (None) 18 January 2011

But the market value according to ready reckoner is not even half of what I'm paying to the seller in white, leave aside the black part! How do I tell the IT Dept what I have actually paid to the seller?

lachman budhrani (manager) 07 August 2011

I reside in Hongkong and have some plots of land in Madh Island (Mumbai) we are 2 sisters who are the heir to these plots which are in the name of my parents who have expired I am childless but my sister has a daughter. does my sisters daughter have any rights to these plots after my sisters death. as I want to sell these plots but my sister is refusing thinking since i have no child all the plots will go to her daughter

sabhajit yadav (chief engineer ) 15 August 2012

Dear sir

This is to bring to your kind notice that savitri group had approached us
for partnership business and after finalizing the terms and conditions
with him we ( sabhajit and ashish ) entered into an MOU on 17 may
2011
As per the MOU agreement which was duly signed by both of us and not
Notarized, and as per the terms and conditions mentioned in the
Agreement of MOU which we had mutually agreed, he supposed to
handover the possession within 24 month .

It was also agreed that he will pay Rs. 70000 pe rmonth if there is
any delay It had come to our notice that from April 2011 till date
there is no work started at the site.

Hence as the clause mentioned in the MOU agreement that either he
should pay us the entire amount with interest or he will give the
premises in padbramha

We realize that savitry group construction has taken another two
plot from abhinash in lieu of said plot in seawoods . He only
returned 12 lacs to aashish that without paying any interest
interest
We have already paid them Rs. 3200000/- (thirty two lakh )

We have paid him above amount taken loan with city bank and local
borrower Mr. Mehta Unfortunately, however, we experienced an
uncomfortable situation with his payment schedule ,due to delay in
payment of EMI caused us a lot of mental stress , waste of time and
energy. Delay in payment EMI which I am paying penalty and recovery
charges to banks .

Hence as the clause mentioned in the MOU agreement vide this notice I
intimate that either he pay me the entire interest after service him
of this notice, to the undersigned or the undersigned will institute
legal proceedings against him , to declare occupy premises in
padbramha
Enclosed above for your review that supports my concerning .If you
need any further information, please email me I look forward
to hearing from you soon and a quick and positive reply.

Regards
sabhajt