• Registration at a lower rate than ready reckoner in Maharashtra

My building is going for redevelopment and the builder had made a development agreement to sell upto 70 Sq.ft. extra for Rs.12,000 psf. if the member wants more than he is given. Since the ready reckoner from April 2017 has increased he is asking us to go for registration of IAAA with this increased value. Can he not register a sale deed for a lower rate than ready reckoner rate though we are ready to pay the stamp duty as per ready reckoner.
Asked 7 years ago in Property Law
Religion: Hindu

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4 Answers

if you are ready to pay stamp duty as per ready recokner rate the sale price can be mentioned in sale deed at rate lower than the ready reckoner rate

Ajay Sethi
Advocate, Mumbai
95198 Answers
7607 Consultations

5.0 on 5.0

the tripartite agreement dated 5/11/16 provided that extra area of 70 square feet at the rate of 12000 per square feet shall be paid by flat purchaser

2) you have already paid the said amount to builder and paid stamp duty accordingly

3)increase in sale price at 13000 per square feet would not be applicable to you

4)if there is change in developer and he is demanding extra money for sale of additional area then supplementary agreement can be entered into with the developer

5) the supplementary agreement should be duly stamped and registered

6) submit the supplementary agreement for adjudication to collector for determination of stamp duty payable

Ajay Sethi
Advocate, Mumbai
95198 Answers
7607 Consultations

5.0 on 5.0

If you are ready to pay the stamp duty as per ready reckon-er, then why do you have to register the property at a lesser value.

The builder may not undergo risk because he is not the person going to bear the stamp duty hence you may request him to accede to your request for registering the property to a lower value for the reasons you rely upon.

Legally there can be no problem for undervaluing the property if one is ready to pay appropriate stamp duty as the guidelines value.

T Kalaiselvan
Advocate, Vellore
85398 Answers
2235 Consultations

5.0 on 5.0

To regularize, should a supplement be issued to the Tripartite Agreement to revise Rs.12000/- to Rs.13000/- psf? And should we request a refund of the stamp duty paid to Mah.Gov. E Statutory A/c to be paid afresh on Rs13000/.

A supplement agreement may be obtained for the revised rates and the difference in stamp duty may alone be paid since you have already paid the requisite stamp duty on the previous rate has already been paid.

T Kalaiselvan
Advocate, Vellore
85398 Answers
2235 Consultations

5.0 on 5.0

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