originally you were tenant of premises which was owned by landlord

then you paid certain sum to landlord and in consideration landlord transferred his reversionary rights to you such that you became absolute owner of premises

if there is a transfer of any rights pertaining to immovable property for a sum exceeding Rs.100/- then the document recording such transfer is liable to be stamped and registered which gives a clear title to the transferee

in your case that is not done

however society of all such tenants (later converted to owners) is formed and that society has recognised you as its member and I assume you also must be having a share certificate attached to the premises

you also have the possession and also must be paying all outgoings and all utility bills must be standing in your name

therefore from the point of view of future redevelopment, you are sorted

however if you proceed to take a bank loan against mortgage of this property, then bank may not sanction your loan in absence of a proper registered document

also if you sell this property then on the sale deed between you and your buyer, additional stamp duty with penalty may have to be paid which was not paid on the earlier document between you and landlord.

1. Stamp Duty is NOT payable on the Sale Deed value as per the whims of the Land Lord. It is paid on the rateable value of the property, as per the area, as per the ready recknor rate decided by the IGR office.

2. It is better to contact a local Registration Agent and get your document adjudicated properly for Stamp Duty and pay the same, SINCE the same shall cause hindrance at the time of further Sale /Gift /Transfer /Mortgage etc....

Keep Smiling .... Hemant Agarwal

Dear Client,

Any transaction above Rs 100 requires compulsory registration. All transactions that involve the sale of an immovable property for a value exceeding Rs 100, should be registered. If you fail to pay this charge, you have to pay the outstanding amount along with a penalty of two per cent of the outstanding amount per month. The penalty could go to as high as 200 per cent of the original liability.

5% + 1% of DLC rate of property + penalty 4 per cent of the outstanding amount per month

Eg. Duty 100000/- and delay 100 months than penalty 400000/- .

If society is going for redevelopment, then let builder make demand for registered document

Society has already accepted you as its member

You can still register the agreement by paying deficit stamp duty plus penalty which cannot exceed double the amount of stamp duty payable

My number can be obtained from Kaanoon

You will ha e to check the provisions of Bombay stamp act as prevalent in year 1991 as to whether any stamp duty was payable in case sale consideration was less than Rs 50000

It would take some time and would get back to you shortly

Sir the stamp duty is applicable on any transaction value above 100 Rs. so the stamp duty was required to be paid.You are not exempted on payment of the stamp duty.

A deed of sale can be prepared stamp duty can be paid and landlord and you can visit the registrar office for registration,. or a confirmation deed can be made and the same can be registered.

Sir the defect stamp duty can be paid along with the penalty and interest in case you are member and have a share certificate then based on that you can make an redevelopment and allotment agreement with the builder and the same can be registered .

1) After redevelopment of building you may have to pay stamp duty and registration charges fully.

Without registering the property on your name, you cannot claim the ownership of the property.

Whether stamp duty for the value of the property Rs. 50,000/- is applicable or not, registration of title deed by a registered sale deed on your name is mandatory, you have failed to do that, hence you may not have clear and marketable title to the property.

This will cause you hardship while trying to sell the property.

Dont be under any misguidance, better make a visit to the sub-registrar's office within your residential jurisdiction, enquire about the applicable stamp duty and its exemption based on the current value of the property, comply with the necessary formalities and secure your hard earned property properly.

The society is planning for redevelopment but it insists that I have to pay the stamp duty and register it.

Then at the cost of losing the property, better pay the stamp duty and get it registered on your name at least at this stage.

2) Can I sell this property and if I need to pay stamp duty how much would it work out as of today.

You may refer to the ready reckon-er where you will find the complete details of the stamp duty payable as per the area and territorial jurisdiction.