MVT on new property

vaishali (Querist) 21 April 2011 This query is : Open
I have purchased flat in Mulund, Mumbai. The registration and Stamp duty is paid in Dec-2008 and agreement also have been made on that day. intially builder promissed to give possession by dec.2009. Now the flat is ready for possession and all the dues have been settled to to the builder. but to get possession of our flat, builder is asking for bank guarantee against the new law i.e. 5% MVT on the agreement value. could you please clarify me about this law. as while ageement nothing was mentioned by builder.

Thanking you in advance for your kind co-operation.

With regards,
Vaishali Suresh

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