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Harish Khanolkar   24 October 2021

Sra property

Dear Team,

This query is for knowing that if a shop is purchased in lock in period ( SRA-Mumbai ) along with sale deed,affidavit,power of attorney / stamp duty - registration then is the buyer is safe with regards to possession ,do the seller has any right to recapture the property,

is there any way for the buyer to be in a safer side.



 8 Replies

G.L.N. Prasad (Retired employee.)     25 October 2021

You have undertaken a legally risky venture of purchasing a shop knowing the lock-in period, and hence members can not certify whether a "buyer is safe" in purchasing such a property, as it all depends on the future attitude of the seller or his legal heirs., and no one can foretell the seller's move in future.

Harish Khanolkar   25 October 2021

thanks prasad sir,

But let me tell you that the stamp duty procedure has been completed

Anusha Singh   27 October 2021

As per your query it is understood that you need information regarding the SRA property.

There are certain rules and regulations issued by the SRA when it comes to buying or selling SRA flats:

There is a lock-in period on the beneficiary, preventing him from selling the allotted SRA flat for 10 years.

If the property is sold after 10 years, the state government is entitled to get a share in the sale value. This component is called transaction fee, which is deemed necessary at the time of property registration. This is equivalent to the stamp duty or Rs 1 lakh, whichever is more.

The SRA flat can be bought only by a domicile certificate holder. Also, the family should not own any other unit within Mumbai’s suburban areas.

The original seller cannot buy any SRA flat.

The buyer should belong to the economically weaker section (EWS), lower-income group (LIG) or the middle-income group (MIG).

The sale deed will be created in the name of both, the husband and wife. No partnership firms or organisations are allowed to purchase SRA flats.

Even if the stamp duty procedure is completed it is still risky. Already many of the people to whom SRA flats were allotted have sold the flats in the lock in period and debate is still going on about how to take action against them and against the people who are illegally residing in the SRA flats.

There can be future complications in your case as you have purchased the shop in lock in period.

Hope it helps!

 

Regards,

Anusha Singh

1 Like

Harish Khanolkar   27 October 2021

Thanks for the kind and helpfull solution.

G.L.N. Prasad (Retired employee.)     27 October 2021

Where is the solution, when you have already jumped in and purchased stamps and are mentally prepared to take such a dangerous risk?  We invest to live peacefully and with much happiness, if it is through backdoor, you have to fear every day about the future.

P. Venu (Advocate)     27 October 2021

Why power of attorney?

Harish Khanolkar   28 October 2021

sir,

I am talking about the doccuments made between the purchasser and buyer through a lawyer ( in lock in period )

P. Venu (Advocate)     28 October 2021

You are, I am afraid, confusing the facts.


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