SRA Flat Sale
3 years ago
I hv purchased SRA flat in 2013. I hv not made any documents registered that time. Society crossed 15 years now. I hv made notarised documents as below. 1) POA 2) Indemnity deed 3) deed of transfer and 4) WILL from owner on my name. I got orginal share certificate and builder agreement from him. Now i want to sale a flat. What procedure i have to follow to transfer flat. I want to sale my flat now. So for transfer the flat can i required signature of first owner? As i have not made registration of flat that time. I don't want to create any issues for purchaser in future when he want to registered the property and to get transfer on his own name. If first owner will not ready to give his signature how can i sale a flat as all other notaries documents are with me.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hello,
These are the following requisites for transferring SRA Flat;
Once the beneficiaries are allotted a property, they cannot sell as there is a lock-in period of 10 years. The same rule applies to the builders.
In case any transaction happens after 10 years, the state government is entitled to get a share of the sale value. This is known as a transaction fee and will be deemed necessary in the registration of the documents of sale. The fee will be equal to the maximum stamp duty on the property, or Rs one lakh, whichever is more. For industrial and commercial tenements, the cap for transfer fee will be Rs two lakh and Rs three lakh, respectively.
The buyer is required to submit a domicile certificate for purchasing an SRA flat. He or his family members should not own a house within Brihanmumbai Municipal Corporation (BMC) limits. In addition, the buyer and the original seller is not entitled to buy any SRA flat.
The buyer should belong to Economically Weaker Section (EWS), Lower Income Group (LIG) or Middle Income Group (MIG). The sale deed will be made in the name of both husband and wife, wherever applicable. No partnership firms or organisations will be allowed to purchase SRA homes.
Also, The transfer of title can be either through execution of sale deed or gift deed. Both require compulsory registration.
These are the following requisites for transferring SRA Flat;
Once the beneficiaries are allotted a property, they cannot sell as there is a lock-in period of 10 years. The same rule applies to the builders.
In case any transaction happens after 10 years, the state government is entitled to get a share of the sale value. This is known as a transaction fee and will be deemed necessary in the registration of the documents of sale. The fee will be equal to the maximum stamp duty on the property, or Rs one lakh, whichever is more. For industrial and commercial tenements, the cap for transfer fee will be Rs two lakh and Rs three lakh, respectively.
The buyer is required to submit a domicile certificate for purchasing an SRA flat. He or his family members should not own a house within Brihanmumbai Municipal Corporation (BMC) limits. In addition, the buyer and the original seller is not entitled to buy any SRA flat.
The buyer should belong to Economically Weaker Section (EWS), Lower Income Group (LIG) or Middle Income Group (MIG). The sale deed will be made in the name of both husband and wife, wherever applicable. No partnership firms or organisations will be allowed to purchase SRA homes.
Also, The transfer of title can be either through execution of sale deed or gift deed. Both require compulsory registration.
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A.Hi,
The transfer of title can be either through execution of sale deed or gift deed. Both require compulsory registration. Also,
1) The guidelines, issued by SRA and approved by the state government, say that both the seller and the buyer of the SRA dwellings will be debarred from buying or selling of such homes in future. The rules also state that the person or family intending to buy an SRA apartment should be domiciles of the state and should not own a house within the limits of the Brihanmumbai Municipal Corporation (BMC).
2)Since the sellers stand to earn a handsome price for the flats, as per the current market prices, the state shall extract a premium share from the transaction. This will be known as a transaction fee and will be made binding in the registration of the documents of sale. The fee will be equal to the maximum stamp duty on the property, or Rs 1 lakh, whichever is more
3) the buyer will have to be from economically weaker sections (EWS), lower income group (LIG) or middle income group (MIG). The sale deed will be in the name of both husband and wife, wherever applicable.
The transfer of title can be either through execution of sale deed or gift deed. Both require compulsory registration. Also,
1) The guidelines, issued by SRA and approved by the state government, say that both the seller and the buyer of the SRA dwellings will be debarred from buying or selling of such homes in future. The rules also state that the person or family intending to buy an SRA apartment should be domiciles of the state and should not own a house within the limits of the Brihanmumbai Municipal Corporation (BMC).
2)Since the sellers stand to earn a handsome price for the flats, as per the current market prices, the state shall extract a premium share from the transaction. This will be known as a transaction fee and will be made binding in the registration of the documents of sale. The fee will be equal to the maximum stamp duty on the property, or Rs 1 lakh, whichever is more
3) the buyer will have to be from economically weaker sections (EWS), lower income group (LIG) or middle income group (MIG). The sale deed will be in the name of both husband and wife, wherever applicable.
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Ankur Goel @ Complete Law Shield
Responded 3 years ago
A.registered sale deed or gift deed from first seller to new purchaser or otherwise notarized way like you did.
Hope this clarifies,
Advocate Ankur Goel
(Complete Law Shield) #YourLifeYourChoice
Note - This is just a small advice. Proper advice can happen only after going through details.
Hope this clarifies,
Advocate Ankur Goel
(Complete Law Shield) #YourLifeYourChoice
Note - This is just a small advice. Proper advice can happen only after going through details.
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