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SRA Flat Name change in case buying after 10 Year
09-Oct-2023 (In Property Law)
What is the procedure and approx time for Name Change if Buying a SRA flat from the owner after the 12 years old SRA building.
Please guide urgently.
This is my response to you:
1. This will include a sale deed transfer;
2. The owner will need to obtain permission from the authority, an NOC to sell to you;
3. Then pay the stamp duty and the registration fees;
4. Once that is done the mutation entries will be made at the office of the sub-registrar and the transfer is complete;
5. Consult a local lawyer and begin the process.
1. This will include a sale deed transfer;
2. The owner will need to obtain permission from the authority, an NOC to sell to you;
3. Then pay the stamp duty and the registration fees;
4. Once that is done the mutation entries will be made at the office of the sub-registrar and the transfer is complete;
5. Consult a local lawyer and begin the process.
Helpful?
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Adv. Gowaal Padavi
Mumbai | 500+ Answers
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What is the 7 year rule of SRA?
Mumbai: The State Government has proposed a reduction in the lock-in period of SRA tenements. It will be reduced from 10 years to seven. After the bill has been approved, flats that slum residents receive can be sold after seven years. 30-Jul-2023
Can SRA flat be sold before 10 years?
According to the Development Control Regulations rules and the Maharashtra Slum Area Act, 1971, an apartment cannot be bought or sold until ten years after the date possession was granted. 06-Mar-2023
What is the transfer charge of SRA flat?
The fee is equal to the maximum amount of stamp duty payable on the property or Rs. 1 lakh, whichever one is higher. The transfer fee cap will be Rs 2 lakh for industrial tenements and Rs 3 lakh for commercial tenements. A domicile certificate is required by the buyer when purchasing an SRA apartment.
What is the transfer period of SRA?
The SRA flat is locked in for 10 years. During this time, it cannot be transferred or sold to anyone else, except if the original owner dies or gets divorced. 15-Sept-2023
A duly registered sale deed must be used to transfer the property. Without this, it is impossible to obtain a valid title. If the property is sold after 10 years, the government of the state in which it is located can claim a share of the sales revenue.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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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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