Property on collector land
3 years ago
We have decided to buy a property on collector land in mumbai antop hill area. However it is on collector land wanted to know if stamp duty registration will be done on that property and is it safe to purchase property on collector land
A.Dear Sir,
Please contact local advocate who is acquainted with local laws.
Please contact local advocate who is acquainted with local laws.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
Before investing do note that:
*These are often premium properties in the city’s posh localities. However, a buyer must remember that the cost of buying and renting these properties will be higher when compared to similar properties as there are transfer charges involved. Apart from all the standard charges, buyers will have have to bear the transfer cost.
*The documentation process would also be lengthier since additional approvals must be taken to complete the transaction when compared to an average deal.
*Since there are no issues involving the legality of such properties, getting a home loan to buy collector properties is also not difficult as long as your paper work is complete.
*You must get A NOC and other stamp duty and paper works.
Before investing do note that:
*These are often premium properties in the city’s posh localities. However, a buyer must remember that the cost of buying and renting these properties will be higher when compared to similar properties as there are transfer charges involved. Apart from all the standard charges, buyers will have have to bear the transfer cost.
*The documentation process would also be lengthier since additional approvals must be taken to complete the transaction when compared to an average deal.
*Since there are no issues involving the legality of such properties, getting a home loan to buy collector properties is also not difficult as long as your paper work is complete.
*You must get A NOC and other stamp duty and paper works.
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A.Hi,
Only you have to obtain the NOC from the collector and this process is complicated so far as documents of the land are concerned.
You have to confirm if seller has paid the old o/s stamp duty on his number of previous transactions and they are duly registered.
Other than this the relevant transfer fees should be paid.
it's better to give a 15 days notice to the existing society through the that seller is intent to sale that particular flat. In this case if society gives no objection for the same your 90% work is Sade to be cleared. Over and above this you can demand to the society.
Through the seller , any previous sale deed of any other member under the MSC Act 1960 under section 32 sub section (2). So you can easily find out the right way and all the required set of documents .
Only you have to obtain the NOC from the collector and this process is complicated so far as documents of the land are concerned.
You have to confirm if seller has paid the old o/s stamp duty on his number of previous transactions and they are duly registered.
Other than this the relevant transfer fees should be paid.
it's better to give a 15 days notice to the existing society through the that seller is intent to sale that particular flat. In this case if society gives no objection for the same your 90% work is Sade to be cleared. Over and above this you can demand to the society.
Through the seller , any previous sale deed of any other member under the MSC Act 1960 under section 32 sub section (2). So you can easily find out the right way and all the required set of documents .
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