Transfer fee for residential plots
Dear Sir,
I am planning to purchase a residential gated community plot during pre-launch from a reputed builder in Bangalore. The investment is high, upto 1 cr, and i want to be sure what i am getting into.
My question is: The builder has included a clause in T&C of the Expression of Interest letter (for booking), that the transfer fee for third party sale is 2.5%. For residential plots, is transfer fee applicable? When is transfer fee applicable - After agreement is executed and before registration or is it also applicable even after registration, few years after purchase. 2.% is way too high and in the first place they should not be charging transfer fee at al and secondly, they should not be charging it for plots. Is my understanding correct?
Asked 8 years ago in Property Law
Religion: Hindu
Thanks a lot for your response. The builder has given in writing that the refund of booking amount will be done without reason and within 10 days after we intimate to withdraw our interest. The expected time for approval as per builder is 2-3 weeks.
A such, I am also insisting to include a clause that the waiting period for allotment and agreement is 6 weeks, after which i will withdraw my interest ans for refund. Do you think this would be slightly less risky?
The builder has completed 26 of the 33 projects he has taken up in Bangalore.
Asked 8 years ago