I am one of the 5 owners of a land in Nagpur. We recently had agreement "Of Development and Sale" with a developer. Under manner of payment section the schedule of payment is provided. Payment is divided into 6 parts, and each payment has stipulated date by which the developer in expected to pay. Problem is that the names of the owners are not mentioned and only the words "owners" is mentioned viz Rs 5,00,000.00 (Rupees Five lac) Only agreed to be paid by the developer to the Owners on or before 5-April-2017. Recently developer paid complete 2nd payment to only one of the owners (instead of equally dividing the payment) . Is there any way to sue developer for his action? Now one of the owners is interested in buying the flat built on the same land and hence we are being asked to sign correction to the deed .Can we leverage this opportunity to correct the deed so that such thing can't happen in future ,if we want that document to have detailed schedule with name of owners and payment to be made to each owner on a particular date will it lead to extra stamp duty or some other charges (developer is trying to pushback giving this reason and saying something that adding names is not possible due to portion ........)?
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1) since name of owners is not mentioned builder can pay to only one of co owners
2)you cannot sue builder in this regard
3)dont sign the rectification deed unless builder
agrees to execute supplementary agreement wherein name of co owners are mentioned
4)even if entails extra tamp duty it is better to clarify that builder would issue separate cheque to each owner
May be I was not clear in my explanation,sorry for that. The agreement has names of the all the 5 owners. It starts with : The agreement is made on this day .... between Owner 1 age X PAN No. XYZ, Owner 2 age Y PAN No. ABC ............. Owner 5 age Z PAN no. LMN ,resident of .... and Mr Builder of Nagpur building company. Then there are myriad of other clauses starting with word "Whereas". Problem is the schedule. Schedule mentions generic word Owners instead of detailed information like . X will get 1 lakh on or before 7 April 2017 ,Y will get 1 Lakh on or before 7 April 2017 ...... Z will get 1 lakh on or before 7 April 2017. So in this case should adding such detailed information in payment schedule lead to extra charges ? I assume that logically it should't but not sure about legally hence the question. I would appreciate your help in this regards.
It should attract nominal stamp duty
2) you can submit the supplementary agreement for adjudication tio determine stamp duty payable
As a matter of fact the agreement between the owners and the builder should contain everything in detail and there should be no ambiguity with regard to any issue including the disbursement of the settlement amount.
For the present, since the builder has given the amount to one owner only, the said owner has to distribute the amount equally to all others.
To avoid such embarrassing situation in the future and also for sorting out other vital issues a supplementary agreement may be executed.
The builder cannot refuse to do so because he cannot continue with the ambiguous situation, or else you can revolt agaisnt this unfair practice and can even threaten to withdraw stating that the conditions of agreement have been breached and to meet them in court.
o in this case should adding such detailed information in payment schedule lead to extra charges ? I assume that logically it should't but not sure about legally hence the question. I would appreciate your help in this regards.
There are no charges or stamp duty to be paid for rectification deed for rectifying such errors, except you may have to pay a nominal registration charges.
You may go ahead with the proposed changes in the form of a registered rectification deed also.