Builder-Buyer Agreement-Conveyance Deed of Flat
19-Dec-2024 (In Property Law)
1st purchaser( original allottee) paid full sale price(say Rs 1.5 Cr ) to Builder & after obtaining possession sold flat to 2nd purchaser (Rs 2.Cr).Then "Deed of Assignment" was signed by Builder and 1st & 2nd purchaser. The flat was sold without executing.C.D.therby 1st purchaser saved Stamp duty of Rs 9 lakhs. The 2nd purchaser was also issued possession of flat and he too without executing C.Dsold flat to 3rd purchaser (say Rs 2.5 Cr.) Now Builder say that he will execute C.D. for Rs 1.5 Cr. only and not for Rs2.5 Cr paid by 3rd purchaser. In that case, it will amount to evasion of stamp duty by erd purchaser of Rs 6 lakhs. Sub- Registrar will intimate purchase value as Rs 1.5 Cr ( C.D value) & (1%zTDS x 2.5 Cr) will be reported to Income Tax Department. These two figures of Rs 1.5 Cr & Rs 2.5 Cr will lead to investigation.I want Builder to execute C.D. for Rs 2.5 Cr. at which I purchased flat from 2nd purchaser who should be necessary party.
A legal notice should be sent to the builder demanding the execution of the C.D. at the actual transaction value (₹2.5 Cr) which will ensure that your ownership is legally and fully protected. If not done and if the project is registered under RERA, a complaint can be filed under Section 31 for the builder's failure to comply with their obligations.
Alternatively, if the builder remains non-compliant, we may also consider filing a civil suit under the Transfer of Property Act and Civil Procedure Code to compel the execution of the C.D. or seek redressal from consumer forum.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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