Whether Gift deed is possible or only sale deed is allowed?
"According to the provisions of Section 3 (E) of Maharashtra Slum Area Act 1971 and appendix – IV para 1.18 of 33 (10) Development Control Rules (DCR) regulations, the restriction has been imposed on the beneficiary of the flat under SRA scheme, hence cannot purchase or sell the flat for 10 years from the date of receiving possession letter.
The new guidelines, issued by SRA and approved by the state government, say that both the seller and the buyer of the SRA dwellings will be debarred from buying or selling of such homes in future. The rules also state that the person or family intending to buy an SRA apartment should be domiciles of the state and should not own a house within the limits of the Brihanmumbai Municipal Corporation (BMC).
ince the sellers stand to earn a handsome price for the flats, as per the current market prices, the state shall extract a premium share from the transaction. This will be known as a transaction fee and will be made binding in the registration of the documents of sale. The fee will be equal to the maximum stamp duty on the property, or Rs 1 lakh, whichever is more.
The buyer will have to submit a domicile certificate for acquiring an SRA flat. He or his family members should not own a house within BMC limits. After buying a house in an SRA building, the buyer or the original seller will not be entitled to make any more transactions in any SRA project. They will not be able to apply for a new home under any other government scheme, too.
To pass the ownership of the property validly, a duly stamped registered sale deed is needed. In the absence of that, you will not get a valid title to the property.