CREDAI Maha Requests for Realty Registration Extension & Fine Waiver
In a bid to acquire an extension for realty registration and fine waiver from the state government the apex of the Realty Developers’ body, CREDAI Maharashtra, has recently sought four months documents executed in December, 2020. The realty developers’ has addressed the IG of the Registration and Stamps department regarding the aforesaid. Also, the CREDAI has requested the state government to be lenient towards realty buyers/ developers and provide relaxation from the levy of fine given the pandemic situation.
Considering section-24 of the Registration Act of 1908 which states that all the paperwork must be completed within tenure of 4 months effective from the date of the signing of the agreement and failing in which will attract a fine, not more than 10 times the registration fees in different slots.
Furthermore, CREDAI Maharashtra President Mr Sunil Forde mentioned that, the state government has granted a stamp duty waiver of 3%, to attract a boost in the realty sector investments. However, the condition still seemed unchanged as the home-buyers were found facing many paper work-related issues. Also, paying attention to the current COVID-19 scenario, travel barring and health crisis are preventing the initialization of registrations of realty.
To quote the addressed letter to the IG of the Registration and Stamps department it states that “the executive powers conferred under section-70 of the Registration Act, empowers to refrain in a whole or on a part basis.” State IGR department officials have confirmed the receipt of the issued letter. They said it has been communicated further to the government of Maharashtra for consideration. The National VP of CREDAI Maharashtra said that since the state is struggling from the second wave of COVID-19, it is difficult for many realty investors to keep up to the 4-month deadline.
