Maha CREDAI Seeks 4 Months’ Extension for Property Registration

CREDAI Maharashtra has sought four months’ extension from the state government for registration of property documents executed in December. The state developers’ body has written to the Inspector General of Registration and Stamps regarding the same. As per section 24

BY Realty Plus
Published - Monday, 10 May, 2021

Maha CREDAI Seeks 4 Months’ Extension for Property Registration

CREDAI Maharashtra has sought four months’ extension from the state government for registration of property documents executed in December. The state developers’ body has written to the Inspector General of Registration and Stamps regarding the same. As per section 24 of the Registration Act of 1908, all documents need to be registered within four months of the date of the signing of the agreement, failing which a fine, not exceeding 10 times the registration fee, is to be levied each month in different slabs. The developers’ body has approached the state government to be considerate towards property buyers and not charge a fine in view of the pandemic. State Credai president Sunil Furde said that while the state government has given a stamp duty waiver of 3%, which helped boost the realty sector and saw many documents being executed on or before December 31, the current Covid situation, travel restrictions and overall health scare were preventing property registrations. “The Inspector General Of Registration and Stamps (IGR) of the state is conferred the powers under section 70 of the Registration Act to remit wholly or in part the difference between any fine levied under section 25 of section 34. We request you extend it for a further period of four months,” the letter written by Credai Maharashtra stated. State IGR officials have confirmed receipt of the letter. They said it has been forwarded to the state government for consideration. Shantilal Kataria, national vice-president, Credai, said with Maharashtra reeling under the second wave of Covid, it had not been possible for many home buyers to meet the four-month deadline.

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