More than 8months delay in flat registration, pay more

By Accommodation Times (www.accommodationtimes.com)
Mumbai:
If flat owner delay more than in registering of their properties have to pay the stamp duty as per the current market rates according to the new circular issued by the Maharashtra inspector-general of registration (IGR).
The new circular will be applicable on the sale, purchase or gift of land, flats or commercial offices. According to the government officials said that, they were forced to issue new circular as there are several property owners haven’t registered their properties to avoid paying stamp duty and registration fees; absence of registered documents often led to multiple-transaction irregularities in transactions.
The new issued circular comprises rules that, registration of property should be made within in the four months of execution date, if there is any emergency or any legal activities there is a grace period of four months to register the documents. Whereas, during the grace period registration will be made only on penalty charges, not exceeding 10 times the amount of the registration fee.