Q: What Are The Other Costs That Are To Be
Incurred Over And Above The Agreement Value?
Q: What Is Stamp Duty?
Q: What Is Registration?
Q: What Does One Have To Check At The Time Of Taking Possession Of
The Flat From The Developer?
Q: What Are The Other Costs That Are To Be Incurred Over And Above The Agreement Value?
You will have to pay stamp duty and registration charges. Both, the developer/seller and you, have to be present at the sub-registrar's office while registering the agreement.
Q: What Is Stamp Duty?
Stamp duty varies from state to state. In Maharashtra, it is 10 per cent of the market value as assessed by the Stamp Office. The process is as follows. The stamp office affixes the stamp for the said value. The agreement then needs to be registered.
Q: What Is Registration?
The property agreement should be registered with the Sub-registrar of assurances under the provisions of the Indian Registration Act within four months of the date of its execution. In Maharashtra, the registration fees to be paid is generally 2 per cent of the value of the property after the stamp duty is paid.
Q: What Does One Have To Check At The Time Of Taking Possession Of The Flat From The Developer?
Taking possession of the flat would involve ensuring the following: · Developer should have obtained Occupation Certificate from the Municipal Corporation
· Inspect the flat thoroughly before taking possession
· Ensure that there is a municipal water connection and electric supply.
· Ensure that you fix your own lock on the property and take the old keys from your builder.
