(Querist) 02 September 2022
This query is : Resolved
I am looking to purchase a flat from first buyer in MHADA building which was constructed 7 years ago. The lock-in period of 5 years is complete. The bank has given clearance from legal and valuation point of view. However, the original allotment letter / possession letter was not registered by the first buyer. He has paid the stamp as required by MHADA.
But my property agent insists on the registration (adjudication) of possession letter which would cost a big amount as MHADA calculated stamp duty was lesser than market rate stamp duty applicable at the time and also includes penalty for delay in registration.
The agent claims this will be required at the time of conveyance and would cause an even larger penalty at 2% every month. The two lawyers I visited could not give a clear answer.
Is this registration/adjudication really required? If yes, who should pay the cost, myself (buyer) or the the seller?
(Expert) 02 September 2022
Registration of the property is compulsory. You have to pay the stamp duty on the Market Value or consideration whichever is higher. To calculate the value the extent, the government value per square yard, etc., are required. So consult in Sub Registrar's office concerned or a prudent lawyer in your area.
(Expert) 09 September 2022
What do you mean by "the original allotment letter / possession letter was not registered by the first buyer"?
Had the MHADA executed conveyance in favour of the first buyer? If so, how is allotment letter/possession letter relevant? Have you consulted the concerned authorities of MHADA?
MHADA, to my knowledge is a public authority and relevant information could be obtained under Right to Information Act.