Clarification
S.Visalakshi
(Querist) 28 October 2011
This query is : Resolved
Sir
We have going to purchase resale flat cost of Rs.32,50,000/- and we have going for the loan of Rs.20,00,000/- (some people advising us we have to make sale agreement basis of guideline value
Guideline value is Rs.3,563/- and it is 640 sq ft
what we have to do, we have to put guideline value or cost of the value in sale agreement.
ajay sethi
(Expert) 28 October 2011
where are you located? it is in your interest to show maximum amount paid by cheque . if property is purchased for 32 lakhs then advisable to show the transaction value in agreement . your laon entitlement goes up too .
find out what rate properties in your localities have been sold at ? in Mumbai we have a ready reckoner which shows market value of each locality . stamp duty is calculated based on rates in your licality as per ready reckoner
S.Visalakshi
(Querist) 28 October 2011
chennai new constructed house is rs.7,000/- - 8000/- per sq .ft
resaale flat is about rs.5,000 - 6000/- per sq ft
ajay sethi
(Expert) 28 October 2011
in surrounding areas what rate flat sold . if rate is 5500 average rate then show maximum possible as considertaion paid to seller .
prabhakar singh
(Expert) 28 October 2011
It would be safer to show all consideration amount payable on sale.title must be inquired duly and stamp duty would not be a problem as sub registrar would calculate it. This differs from state to state hence only local lawyers can guide you,may be you get on surfing net also.
Sankaranarayanan
(Expert) 28 October 2011
yes you better to seek details from the local sub-registrar office and do accordingly .
Guest
(Expert) 28 October 2011
I endorse the advice of Shri Prabhakar. Singh
Shonee Kapoor
(Expert) 28 October 2011
I agree that maximum amount be shown.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
M V Gupta
(Expert) 29 October 2011
As you are thinking of taking loan to purchase the property you should mention in the agreement for sale the total sale price of 32,50,000/- so that you can get the maximum loan, reducing the burden of own contribution. Even if there is a basic value register in Chennai indicating the Market value of properties in different localities it is only for the purpose of calculating the stamp duty, in cases where the value mentioned in the document is below the market price.
