Property registration and sale agreement
N.Balasubramanyam
(Querist) 27 April 2018
This query is : Resolved
Sir,
I have a property in chennai and a builder is interested in developing the property. Accordingly the builder has agreed to pay an advance and register the agreement for sale.I will also pay 1% registration charges on the amount advanced since the proeprty will be given for possession only on payment of the balance within 60 days .On the day after the sale agreement has been registered I intend to register a POA with his nominee for development of the property.
Please let me know if 1% of the total consideration has to be paid on registering the sale agreement if the possession is not given.
If 1% regn charge is paid on total consideration the builder says it could be termed as a deeemed sale and he may have to pay 11% stamp duty+regn fee whcih would otherwise be charged again when the sale deeds are made with the buyers of the flats to be developed.
Please advise if 1% regn fee on a RS 20 stamp paper only on the advance received would be accepted as registration of sale agreement
Ms.Usha Kapoor
(Expert) 30 April 2018
WE have already answered this query.
