Flat registration before posession
Mounish Choudhury
(Querist) 22 May 2014
This query is : Resolved
Hi,
I have booked one flat recently and applied for home loan of 80% of property value in HDFC bank.
HDFC asked me to do the Registry of sale agreement with deed. So we complete the activity in sub register office with flat builder. Now HDFC has disbursed some portion of loan amount as per flat completion agreement schedule.
Now, My query is do I need any more registry at the completion and possession of flat ?
Or do I need to execute paper work at the time of possession?
Devajyoti Barman
(Expert) 22 May 2014
yes, on completion of project you have get a deed of conveyance registered.
Mounish Choudhury
(Querist) 22 May 2014
Hi Devajyoti,
First of all thanks for your reply.
Can you please tell me
Is "conveyance registration" mandatory during the time of possession of flat?
And,
What could be approximate cost of this for a new property registration.
Devajyoti Barman
(Expert) 23 May 2014
Unless it is done , the sale is not completed.
However there is no time limit attached to it. You can do so even after taking possession.
However to suit your interest you better do it asap.
Rajendra K Goyal
(Expert) 23 May 2014
Conveyance deed has to be registered at the time of possession.
malipeddi jaggarao
(Expert) 23 May 2014
Agreed with all experts. As regards cost, you can as well inquire with the builder/sub-Registrar office.
Kishor Mehta
(Expert) 23 May 2014
Hon. Experts,
With due respect to the Hon. Experts:
In Maharashtra, the conveyance of the property is registered in favour of the Co-Operative Housing Society and not in favour of an individual flat purchasers.
For an individual flat purchaser, a sale agreement to his specific flat should be registered to prove his ownership.
For a conveyance deed in favour of the society, a minimum stamp duty is fixed (app. Rs.100/-)if all the flat purchasers have paid stamp duties on their respective flats. Else it will be levied as per the rates of the Ready Reckoner. Apart from the stamp duty, a registration charge for the registration of the conveyance deed is also payable by the society or builder as mutually agreed upon.
Good Luck,
Kishor Mehta
malipeddi jaggarao
(Expert) 23 May 2014
The essence of the answers of the experts including Kishore Mehta is one and the same. Only procedural difference in State of Maharashtra explained.
Dr J C Vashista
(Expert) 24 May 2014
Respected Mr. Kishore Mehta ji,
May I request for the specific provision for "In Maharashtra, the conveyance of the property is registered in favour of the Co-Operative Housing Society and not in favour of an individual flat purchasers." or it is general practice?
It is for my knowledge only.
Kishor Mehta
(Expert) 24 May 2014
Respected Shri Vashistaji,
I feel honoured to be queried individually, I thank you for the honour.
In Maharashtra, a Co-operative Housing Society is governed by the Maharashtra CHS Act 1960 as amended up to date, under this Act the entire property, plot, structures and all, are owned by the Society, and a member is allotted a flat for residence by virtue of him being a member of the Society. In essence he does not own the flat, but is allotted the flat for his residence by virtue of his membership of the Society.All the purchaser members form the Society.
Hence the conveyance deed for the property is always registered in favour of the Society.
I hope I have explained to your satisfaction. I shall once more state that I am honoured by the individual query from an Expert.
Thank you Shri Vashistaji,
Kishor Mehta
Dr J C Vashista
(Expert) 24 May 2014
Dear Kishor Mehta ji,
Thank you very much for the information.
Warm regards and love
Dr. (Maj) J C Vashista
T. Kalaiselvan, Advocate
(Expert) 24 May 2014
expert Mr. Mehta has given a detailed version of the rules prevalent in Maharashtra in this aspect, I agree to it, but my query is that whether it is applicable to MHADA or MOFA etc?
In general the agreed opinion is that of Mr. Barman, i.e., conveyance deed to be registered after completion of the project.
