Legal Question in Real Estate Law in India

Status: New 2/03/11, 5:22 am Question

I own a flat in Mumbai, wherein my Ex employer had added their name as a safe guard till I return the loan.

After I returned the loan , the employer sent a letter to the society to remove their name from the deed as well from the share certificate, way back in 1995.

The society did not respond to it and I assumed that the needful must have been done since they did not reply within the stipulated period of three months, as per the Act 1961.

On a recent inquiry from the society, I was told to pay the necessary stamp duty and get the registration done, before they take any action.Please advise whether I should be penalized to pay this heavy amount for a mistake of the society.

Kindly advise, what to do?

India | 400061 | Real Estate and Real Property


Asked on 2/12/11, 7:16 pm

1 Answer from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

In Maharashtra, since 1984-85 or 1989 there is mandatory stamp duty, registration fees applicable for transfer of shares/flats in a co-operative society.

You have to either pay these charges at current values or apply for adjudication to the Collector of Stamps or Supt of Stamps to get 1995 values.

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Answered on 5/19/11, 9:31 pm


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