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abhijit (legal )     03 October 2009

mortgage

a property is situated in MIDC area in Municipal Corporation area . This land  is leased out by MIDC to one multistate co-operative society. This society takes loan on the property i.e. mortgages the property/land and also the equipments. The company is not able to repay the loan. Consequently, bank takes possession of the land and equipment under SARFAESI act and under this act puts up this property for sale on auction.

My question is- ' when bank sales this property to the highest bidder and confers sale certificate to him,

1)is it required by law to register this sale certificate with subregistrar ?

2)Does this transaction attract stamp duty?

Note:-there shall be a separate execution of lease between MIDC and the new person i.e. highest bidder(winner of sale certificate). This lease shall attract stamp duty but there is concession on stamp duty for lease of property by MIDC. This stamp duty is very less.

thanks

 

 



Learning

 1 Replies

Prakash Yedhula (Lawyer)     16 November 2009

Yes, the sale certificate need to be registered and the same attracts stamp duty, registration charges etc 


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