Exchange of allotment

Querist : Anonymous (Querist) 01 January 2012 This query is : Resolved
A Society in Maharasthra promoted by us 12 years before - property is CIDCO leased one in navi mumbai, construction was done by a developer under tripartite agreement- CIDCO, promoter members and the Development. Initially allotment letters were issued and later certain flats were exchange informally. I got my flat exchange for another flat.Although every transfer needs CIDCO approval this was not done. Now the society insist on regularization. Does this exchange attract stamp duty - would CIDCO ratify this. The exchanged flat has been sold and I cant track the original allottee. Now that the matter is old and no issues, CAN the society accept our explanation and keep quite!

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Raj Kumar Makkad (Expert) 01 January 2012
Keeping quite by society would not work and ultimately you shall have to face this practical problem as and when either you shall sale or mortgage this flat under you possession but allotted in the name of some other person. society cannot issue its desired NOC in your name against its own record so best way for you is to trace out the present persons occupying your original flat and prepare them for the formal exchange which shall require only nominal stamp duty to be borne equally by both to avoid future complications from both sides.

ajay sethi (Expert) 01 January 2012
you have to comply with CIDCO norms . deed of Exchnage attracts sttamp duty . go through the terms of agrrement entered into between CIDCO , promoter members . visit the local CIDCO office for necessary clarifications . society wont keep quiet . regularise the exchange of flat