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  1. 1. TRANSACTIONS IN PROPERTY APURVA AGRAWAL INDIAN MERCHANTS CHAMBERS LADIES WING DECEMBER 7, 2006
  2. 2. WHAT IS A CHEQUE? <ul><li>The title of the property should be clear, </li></ul><ul><li>marketable and free from encumbrances </li></ul><ul><li>All dues on the property should have </li></ul><ul><li>been paid </li></ul><ul><li>Always use the services of a competent </li></ul><ul><li>Advocate for verifying the title of </li></ul><ul><li>Property </li></ul>TITLE
  3. 3. WHAT IS A CHEQUE? BUYING AND SELLING OF FLATS
  4. 4. INSPECTION OF DOCUMENTS <ul><li>Builders liability produce the following documents which shall be part of the Agreement of Sale </li></ul><ul><ul><li>Approved plans/specification </li></ul></ul><ul><ul><li>Commencement certificate </li></ul></ul><ul><ul><li>I.O.D. </li></ul></ul><ul><ul><li>Occupation Certificate </li></ul></ul><ul><ul><li>Building Completion Certificate </li></ul></ul><ul><ul><li>Title Certificate </li></ul></ul>
  5. 5. <ul><li>Book or Buy your flats only when Builder </li></ul><ul><li>has obtained BMC permission’s like I.O.D. , </li></ul><ul><li>sanction of plans and commencement </li></ul><ul><li>certificate from the Concerned Authorities </li></ul>BOOKING / BUYING OF FLAT
  6. 6. AGREEMENT FOR SALE <ul><li>Upon receipt of the any payment exceeding </li></ul><ul><li>20% of the sale price of the flat, the Builder </li></ul><ul><li>has to execute the Agreement for Sale </li></ul><ul><li>Carpet area of the flats should be clearly </li></ul><ul><li>and unambiguously defined in the </li></ul><ul><li>agreement of sale </li></ul><ul><li>The nature, extent and description of all </li></ul><ul><li>AMENITIES and common facilities to be </li></ul><ul><li>clearly mentioned in the Agreement </li></ul>
  7. 7. PAYMENT SCHEDULE <ul><li>PAYMENT SCHEDULE should be according </li></ul><ul><li>to the progress of the work, under the </li></ul><ul><li>provisions of the MOFA, 1963 / MAOA ,1970 </li></ul><ul><li>The Builder should not enhance (Escalation) </li></ul><ul><li>the price of flats on any account whatsoever </li></ul><ul><li>once the agreement for sale is executed </li></ul><ul><li>except for additional government </li></ul><ul><li>levies/taxes/court orders </li></ul>
  8. 8. STAMP DUTY <ul><li>Stamp Duty is payable on the higher of the </li></ul><ul><li>market value of the property or on </li></ul><ul><li>consideration paid under the agreement </li></ul><ul><li>Document has to be adjudicated before </li></ul><ul><li>stamping </li></ul><ul><li>The rate of stamp duty payable is 5% </li></ul><ul><li>The stamp duty has to be paid before signing </li></ul><ul><li>or executing the document i.e. Agreement for </li></ul><ul><li>Sale </li></ul>
  9. 9. <ul><li>Agreement for Sale has to be registered with </li></ul><ul><li>the Sub-registrar of Assurances on whose </li></ul><ul><li>jurisdiction the property is located </li></ul><ul><li>Registration should be completed within four </li></ul><ul><li>months from the date of execution of the </li></ul><ul><li>Agreement for Sale </li></ul><ul><li>The present registration fee is 1% of the </li></ul><ul><li>market value of the property or the </li></ul><ul><li>consideration whichever is higher subject to a </li></ul><ul><li>maximum limit of Rs. 30,000/- </li></ul>REGISTRATION
  10. 10. CHANGE IN PLAN / SPECIFICATION <ul><li>All conditions with regard to infrastructures </li></ul><ul><li>should be approved by Municipal authority / </li></ul><ul><li>Planning authority and fully complied with </li></ul><ul><li>the same </li></ul><ul><li>No alteration, additions or deviations in the </li></ul><ul><li>plan and specifications of the buildings </li></ul><ul><li>without the consent of the Flat Purchaser </li></ul><ul><li>once the same is furnished and disclosed to </li></ul><ul><li>the Flat Purchaser </li></ul>
  11. 11. DELAYED COMPLETION OF BUILDING <ul><li>In case of delayed completion beyond the </li></ul><ul><li>period stipulated under the 'Agreement for </li></ul><ul><li>Sale’ </li></ul><ul><ul><li>Demand for refunding the amount received </li></ul></ul><ul><ul><li>by the Builder / Developer with interest @ 9 </li></ul></ul><ul><ul><li>% p.a. or as specified in the agreement </li></ul></ul><ul><li>OR </li></ul><ul><li> (b) Wait for completion and get the possession </li></ul><ul><li>of the flat </li></ul>
  12. 12. <ul><li>The Builder should specify in writing the date </li></ul><ul><li>on which the possession of flat is to be </li></ul><ul><li>handed over to the Flat Purchaser and </li></ul><ul><li>ensure timely possession </li></ul><ul><li>The Builder should obtain completion and </li></ul><ul><li>occupation certificate prior to giving </li></ul><ul><li>possession of the flat to the Flat Purchaser </li></ul>POSSESSION
  13. 13. DEFECTIVE CONSTRUCTION <ul><li>The Builder should attend to all bonafide </li></ul><ul><li>complaints of defects expeditiously </li></ul><ul><li>The defect liability period of the Builder is </li></ul><ul><li>three years from date of completion of the </li></ul><ul><li>building </li></ul><ul><li>If the Builder fails to rectify the defect in the </li></ul><ul><li>building, the Flat Purchaser has a right to </li></ul><ul><li>receive reasonable compensation </li></ul>
  14. 14. ACCOUNT OF PAYMENTS <ul><li>The Builder should maintain </li></ul><ul><ul><li>(a) separate account in respect of sums received for purposes such as the capital </li></ul></ul><ul><ul><li>for promotion of the society, towards the </li></ul></ul><ul><ul><li> maintenance till the society is formed, etc </li></ul></ul><ul><ul><li>(b) the same should be utilize only for those purposes for which it was collected </li></ul></ul>
  15. 15. SOCIETY FORMATION <ul><li>The Builder has to form the society </li></ul><ul><li>Builder should submit an application to the </li></ul><ul><li>Registrar within four months after atleast ten </li></ul><ul><li>persons or 60% of total flat is sold or have </li></ul><ul><li>taken possession of the flats </li></ul><ul><li>It is the duty of the Builder to cause the </li></ul><ul><li>conveyance of the title and interest in the land </li></ul><ul><li>and the building to the society. </li></ul>
  16. 16. REMEDIES <ul><li>The remedies available to the Flat Purchaser </li></ul><ul><li>against Builder are the following: </li></ul><ul><ul><li>A complaint in Consumer Forum as </li></ul></ul><ul><ul><li>deficiency of services under Consumer </li></ul></ul><ul><ul><li>Protection Act 1986 </li></ul></ul><ul><ul><li>(b) Suit for specific performance under </li></ul></ul><ul><ul><li>Specific Relief Act, 1963 and Indian </li></ul></ul><ul><ul><li>Contract Act,1872 </li></ul></ul><ul><ul><li>(c) Criminal complaint under the Maharashtra </li></ul></ul><ul><ul><li>Ownership of Flats Act , 1963 </li></ul></ul>
  17. 17. PENALTIES <ul><li>The penalties that maybe imposed on the Builder are as under: </li></ul><ul><ul><li>CONSUMER PROTECTION ACT: </li></ul></ul><ul><li>(a) remove the defects complained of ; OR </li></ul><ul><li>(b) return the price to Flat purchaser ; OR </li></ul><ul><li>(c) pay compensation if any injury is suffered </li></ul><ul><li>by the Flat Purchaser ; OR </li></ul><ul><li>(d) provide for adequate costs </li></ul>
  18. 18. PENALTIES …Contd SPECIFIC RELIEF ACT AND INDIAN CONTRACT ACT (a) The Flat Purchaser can get the specific performance of the breach under the Agreement for Sale OR (b) Adequate Compensation
  19. 19. PENALTIES …Contd <ul><li>MAHARASHTRA OWNERSHIP OF FLATS ACT , 1963 </li></ul><ul><ul><li>Contravention of the provisions of MOFA leads to </li></ul></ul><ul><ul><li>punishment for maximum imprisonment of 5 years or </li></ul></ul><ul><ul><li>with fine or </li></ul></ul><ul><ul><li>with both </li></ul></ul>
  20. 20. LICENSE AND LEASE
  21. 21. LEASE <ul><li>Lease is defined under Transfer of Property Act 1882 </li></ul><ul><li>Lease is a </li></ul><ul><li>transfer of a right to enjoy such property, </li></ul><ul><li>made for a certain time or in perpetuity, </li></ul><ul><li>in consideration of a price </li></ul>
  22. 22. LICENSE <ul><li>Defined under Indian Easement Act </li></ul><ul><li>Juridical possession of the property is with the licensor </li></ul><ul><li>Constructive possession of the property with the licensee </li></ul>
  23. 23. LICENSE <ul><li>Licensee has a mere right to use and occupy the property for a temporary period </li></ul><ul><li>Personal Facility given and does not amount to any interest in the property </li></ul>
  24. 24. DIFFERENCES <ul><li>LEASE - There is a transfer of interest </li></ul><ul><li>LICENSE - There is no transfer of interest </li></ul><ul><li>LEASE – Permitted to sublet or assign interest </li></ul><ul><li>LICENSE - Licensee cannot &quot;sublicense&quot; or assign its rights </li></ul><ul><li>LEASE - Exclusive Possession </li></ul><ul><li>LICENSE - Constructive Possession </li></ul>
  25. 25. RECOVERY <ul><li>Recovery of Possession : </li></ul><ul><li>On expiry of license; in default Licensor can apply to the Competent Authority </li></ul><ul><li>Such licensee liable to pay damages at double the rate of the license fee </li></ul><ul><li>Arrangement of license in writing shall be consclusive evidence of the fact stated therein. </li></ul>
  26. 26. THANK YOU
  27. 27. CONTACT US <ul><li>UNIVERSAL LEGAL </li></ul><ul><li>5th Floor, Kimatrai Building </li></ul><ul><li>77/79 Maharshi Karve Road </li></ul><ul><li>Mumbai – 400 002 </li></ul><ul><li>Phone : 2203 4293 - 95 </li></ul><ul><li>Fax : 2203 9845 </li></ul><ul><li>E-mail: [email_address] </li></ul>

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