SHOULD SEC­TION 13 BE AMENDED?

HT Estates - - FRONT PAGE -

Ac­cord­ing to sub sec­tion 1 of sec­tion 13 of the Real Es­tate (Regulation and De­vel­op­ment) Bill, a de­vel­oper will have to first en­ter into an agree­ment for sale with a prospec­tive home­buyer and then ac­cept the book­ing amount, which should not be more than 10% Some le­gal ex­perts say that sign­ing a sale agree­ment be­fore pay­ing the book­ing money will pro­tect home­buy­ers’ in­ter­ests Rev­enue of­fi­cials, how­ever, say that the book­ing money is al­ways paid be­fore an agree­ment is signed and so the rel­e­vant sec­tion has to be mod­i­fied to help home­buy­ers Realty ex­perts feel reg­is­ter­ing a sale agree­ment at the time of pay­ing the book­ing amount will go a long way in reg­u­lat­ing the sec­tor and tak­ing care of home­buy­ers’s’ in­ter­ests Get­ting a sale agree­ment reg­is­tered when the book­ing amount is paid will dis­cour­age in­vestors and spec­u­la­tive sale of prop­er­ties and al­low state gov­ern­ments to earn rev­enues as well In some states, stamp duty charged on the reg­is­tra­tion of sale agree­ment is equal to the amount paid for the reg­is­tra­tion of sale deed In Delhi, reg­is­tra­tion of a sale agree­ment in­vites 5% and 7% stamp duty of the to­tal cost of the apart­ment for women and men, re­spec­tively

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