Transfer of Ownership SRA Flat

A.Hello,
The restriction has been imposed on the beneficiary of the flat under the SRA scheme, according to the provisions of Section 3 (E) of Maharashtra Slum Area Act 1971 and Appendix – IV para 1.18 of 33 Development Control Rules (DCR) regulations, who cannot purchase or sell the flat for ten years from the date of receiving possession letter. In order to purchase an SRA flat, the buyer must submit a domicile certificate. According to the SRA guidelines, which the State Government has approved, both the seller and the buyer of SRA dwellings will be barred from buying or selling such homes in the future. After purchasing a home in an SRA building, neither the buyer nor the original seller will be able to transact in any other SRA project. They will also be unable to apply for a new home through any other government programme. According to the Rules, anyone interested in buying an SRA apartment must also be a resident of the state and not own a home within the boundaries of the Brihanmumbai Municipal Corporation (BMC). It is also stipulated that the buyer must be from the Economically Weaker Sections (EWS), the Lower Income Group (LIG), or the Middle-Income Group (MIG). Also, wherever possible, the sale deed will be in both husband and wife's names. A properly stamped registered sale deed is required to transfer ownership of the property. In the absence of that, one will not get a valid title to the property. In the event that the beneficiary chooses to sell the asset after ten years, the government of the state where the asset is located is entitled to a share of the proceeds from the sale. In the registration of the sale documents, this is called a transaction fee and it will be necessary. The fee will be equal to the stamp duty or will be Rs 1 lakh, whichever amount is higher. The transfer fee cap for industrial and commercial tenements is Rs 2 lakh and Rs 3 lakh, respectively.