Dear Lawyer's Club,
Am writing this message, with following ambiguity.
Am considering purchasing a Flat in a scheme of flat. Flat booking started in 2010. Possession started from 2012. 20% of the flats have been occupied, 80% flats have been sold, 20% flat are occupied by investers without registering this property. One of such investor's flat (through builder) has come up for sale, now in Jul'14. Am considering purchasing the same.
55.5 Lacs is the considered cost of flat.
About 4Lacs will be towards Service Tax, Maintenance and Property Registratioin.
Builder proposes following for the execution of deal:
Registration of Under construction Agreement to Sell: 12.30 lacs
Notarization of Construction Agreement: 26.41 Lacs. (Will not be registered. No bill/invoice will be given by construction company)
Notorization of Agreement towards Extra Construction: 16.49 Lacs (Will not be registered. No bill/invoice will be given by construction company)
All above agreements will be executed by three different companies but will be arranged by builder.
My queries:
- Is this modus operandi legal, whereby even after ready possession, builder executes under construction agreement to sell and construction agreement.
- Not receiving the bills/invoice towards construction and extra construction, are ok? specifically from tax point of view and legal point of view, is payment towards such agreements withouth invoice considered white?
- What will be the actual value of my property once I take possession after above formalities: 12.30Lacs or 38.71 Lacs or 55.5 Lacs? What will be my cost price when I sell the property for capital gains tax calculation?
- What documents should I demand before or after registration of property e.g. occupancy certificate, etc.
- Is it ok if Sale deed is not registered, since Agreement to Sell is registered.
Please advice me on above from view point that all my documents are in place and I also donot face a problem should I decide to sell it in future.
Thanks.
Samir
