HT Estates - - HTESTATES - Su­nil Tyagi

I had booked an apart­ment with a builder in Gur­gaon re­cently and the sale deed was ex­e­cuted in my favour. The pos­ses­sion is to be handed over in 10 days. I want to sell this apart­ment and a buyer is keen to pur­chase it as soon as pos­si­ble and is ready to make pay­ment. How can we pro­ceed since I do not have the pos­ses­sion yet?

– Shankar Sharma Since you do not have pos­ses­sion of the apart­ment yet, you may ex­e­cute an agree­ment to sell with the buyer to cap­ture the un­der­stand­ing for the pur­chase trans­ac­tion and start re­ceiv­ing con­sid­er­a­tion in in­stal­ments. There­after, you may ex­e­cute the sale deed once you re­ceive the pos­ses­sion. I have pur­chased a flat in a res­i­den­tial tower in Noida. Now the builder has no­ti­fied us that we should be­come mem­bers of as­so­ci­a­tion of apart­ment own­ers. I in­tend to sell this flat and, thus, do not want to be­come a mem­ber. What can I do?

–Shob­hit Garg As per law ap­pli­ca­ble in Ut­tar Pradesh, it is oblig­a­tory for an owner of an apart­ment to be­come a mem­ber of an as­so­ci­a­tion of apart­ment own­ers within a pe­riod of four weeks on re­ceipt of writ­ten in­ti­ma­tion about for­ma­tion of such as­so­ci­a­tion. Thus, you are re­quired to be­come a mem­ber of such an as­so­ci­a­tion once you re­ceive a writ­ten in­ti­ma­tion. I want to put my house in Delhi on rent. Most land­lords give their houses on rent for 11 months. What is the dif­fer­ence be­tween a lease pe­riod of 12 months and 11 months?

– San­jeev Sen To record the un­der­stand­ing of a lease, a lease deed has to be ex­e­cuted. All lease deeds re­quire to be ap­pro­pri­ately stamped. How­ever, not all lease deeds are com­pul­so­rily reg­is­tra­ble. A lease deed for a lease pe­riod of one year or more has to be reg­is­tered for it to hold value as ev­i­dence in court of law. A lease deed for a lease pe­riod of less than one year is not com­pul­so­rily reg­is­tra­ble.

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