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K Ramamurthy (Consultant)     14 July 2011

Registration of Under Construction Property

I have booked an under construction property where the plinth is being laid for a 32 storied building.

My specific flat is on the 15th floor and it may take more than a year to materialise. As per the payment schedule I have completed almost 20% of the payment. Now the builder is stating that the registration of the property has to be done now - as it is mandatory under MOFA.

My Queries:

1) For an under construction property where it is going to take more than 2 years from now for completion, when is the Registration of the Property to be done?  Is this at the stage where 20% payment has been done or is it after completion of the project/ building - which is 2 years from now ?

2) If I do a registration of the Sale Agreement at this stage - what would be the charges for the same in Maharashtra ( Mumbai)

3) Is it true that the Builder cannot make any demands for further payment - based on the milestones in the payment schedules - if the property is not registered at this stage. This is the statement from Builder.

Truly,

K Ram

 



Learning

 3 Replies

Doveson (advocate)     14 July 2011

Registering the sale agreement is totally in ur interest and exactly the reason why this rule is formed. Earlier, by the time the flat was ready, its value increased considerably and the builder used to try to get the appreciated price which they could do as the agreement is not registered and hence invalid. Now even if they do any such thing, u have a registered agreement to help u. Have it registered immediately.

Bharatkumar (ADVOCATE )     14 July 2011

Yes u Registration a Agreement of Sale documents at Sub-Registrar Office at this time and read a the condition of the agreement then sign.

K Ramamurthy (Consultant)     18 July 2011

Doveson - thanks for your revert on the registration of 'Sale Agreement'

While I whole heartedly agree with the points in your mail, my query is still partly unanswered.

I would very much appreciate if you could specifically clarify the following points...

1. Can I register only the 'Sale Agreement' now and later register the "Specific Flat" that I have booked in the building under construction ?

2. If yes, then what are the standard charges for registration of 'Sale Agreement' as against the charges for

registering the "Specific Flat"  in the building ?

3. What is the relevant section in MOFA for clarity on the above two points ?

Best Regards,

K Ramamurthy


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