Maharashtra to extend deadline for property registrations soon
Real Estate

Maharashtra to extend deadline for property registrations soon

Confederation of Real Estate Developers Association of India (CREDAI) Maharashtra has solicited a four-month extension from the state government on property documents registration that was to be completed by the end of April.

Additional Chief Secretary of Revenue Nitin Kareer cited that the state government would soon come to a conclusion on extending the date for property registration for documents produced as of December 2020.

In response to the orders from the High Court, the state government has inquired about some documents from the state developer’s body.

The request on the extension addressed to the Inspector General of Registration and Stamps was later forwarded to the state government.

In accordance with section 24 of the Registration Act of 1908, all registration on documents needs to be completed in a span of four months of the date of the agreement signing, failing that leads to a fine not exceeding 10 times the registration fee that is to be levied every month in different slabs.

The approach to the state government by the body is to present the request to be considerate of property buyers and not levy fines due to the impacts of a pandemic.

The revenue department suggested that the government could make necessary reformations to the rules and could levy a feasible charge for late registration.

Some senior officials from revenue also reflected that the state could extend the registration date for a month or two with a nominal fee.

An official advised that people who produced property documents between the months of January and March may also seek an extension.

The state had already produced a stamp duty waiver of 3% till 31 December 2020 in aid to the realty sector.

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Also read: Maha property registrations & revenue drops by 60% due to Covid-19 curbs

Also read: Mumbai witnesses over 10,000 property registrations in April 2021

Confederation of Real Estate Developers Association of India (CREDAI) Maharashtra has solicited a four-month extension from the state government on property documents registration that was to be completed by the end of April. Additional Chief Secretary of Revenue Nitin Kareer cited that the state government would soon come to a conclusion on extending the date for property registration for documents produced as of December 2020. In response to the orders from the High Court, the state government has inquired about some documents from the state developer’s body. The request on the extension addressed to the Inspector General of Registration and Stamps was later forwarded to the state government. In accordance with section 24 of the Registration Act of 1908, all registration on documents needs to be completed in a span of four months of the date of the agreement signing, failing that leads to a fine not exceeding 10 times the registration fee that is to be levied every month in different slabs. The approach to the state government by the body is to present the request to be considerate of property buyers and not levy fines due to the impacts of a pandemic. The revenue department suggested that the government could make necessary reformations to the rules and could levy a feasible charge for late registration. Some senior officials from revenue also reflected that the state could extend the registration date for a month or two with a nominal fee. An official advised that people who produced property documents between the months of January and March may also seek an extension. The state had already produced a stamp duty waiver of 3% till 31 December 2020 in aid to the realty sector. Image Source Also read: Maha property registrations & revenue drops by 60% due to Covid-19 curbs Also read: Mumbai witnesses over 10,000 property registrations in April 2021

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