PANAJI
Properties whose sale or transfer deeds are being executed in pursuance of old agreements or MoUs executed prior to March 31, 2014 have been given a 3-month window from May this year to avail a concessional rate of 1 per cent of the property’s market value for registration fees and stamp duty.
The normal registration fees are currently 3 per cent of the property value and stamp duty is 3.5 per cent.
Identical notifications to this effect were issued earlier this week by the Law Department and the Revenue Department as the registration fee mechanisms are administered by the Registrar which is governed by the former (law department) while the stamp duty procedures are managed by the Revenue Department. The concessions in registration fee and stamp duty can be availed only in respect of plots of an area of up to 600 square metres and apartments (flats) of up to 200 square metres.
Government sources said the facility has been primarily provided since in several cases, particularly residential buildings, the conveyance or sale deed and land transfer, has not been executed between the developer/builder and the housing society.
In these cases ownership or occupancy are on the basis of either individual ‘agreement of sale’ or memorandum of understanding (MoU) which have very little legal sanctity in terms of determining ownership, the source further said, adding that in the case of individuals who have transacted (purchased) plots from developers via agreement of sale or MoUs too suffer.
