Legal Question in Real Estate Law in India

Registration
Dear Sir,
Our society was formed by 11 promoters after registering Hsg Co-op Soc.in July1973. Deed of conveyance was lodged in Aug 1973 for registration at Mumbai with Sub registrar. his deed was made between a 1)Vendor 2)Builder/contractor as First confirming party 3) Three promoters acted for and on behalf of as the promoters of the purchasers Society 4) Purchaser the Hsg.Society. It was mentioned in the deed that structure will be built with no flat exceeding 750 sq.ft and cost of construction with land no flat will exceed Rs.50000/- hence stampduty is not applicable and not paid by the society. Deed got registered in Nov.74. During this period of submission and registration of deed, other 3 promoters backed out and Society has included 3 new members and they were given allotment letters for the flats on plain paper for which they made payment. Subsequently they were issued Share certificate by the society. Since their names do not appear in the earlier registerd conveyance deed, nor they have registered their share certificate with any concerned authorities at that time the question is registration and stamp duty is necessary now?

Asked on 8/14/08, 4:13 am

Shrichand Nahar S.V.Nahar, Advocate

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Re: Registration

If all the events stated by you took place before 1985, then stamp duty or registration may not be payable.

Answered on 8/14/08, 5:52 am

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Re: Registration

If you register the deed of conveyance now you will have to pay stamp duty at the present rate. Other factors are not relevant here.

Answered on 8/14/08, 10:10 am

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