Property Transfer Process for Mahagun Noida Properties

SQUARE METERS Realtors Pvt. Ltd.

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There are two types of transfer process in most of the Builder’s properties.

1) Builder Transfer (Also Known as Internal Transfer)

2) Authority Transfer (Also known as Registry )

1) Builder Transfer (Internal Transfer)

Builder transfer is applicable only for under construction properties where the possession of the apartment is yet not handed over to allottee of the property. Every builder has customized process for transferring the property but on high level the process is same. Mahagun group too have a separate process for transferring under construction properties.

Once the transfer is done, the builder will transfer the property directly in the name of new allottee. Once the transfer is done, all future charges will be born by new allottee. The new allottee must read all the transfer documents carefully. Any new penalties & charges imposed by administration or builder in future will be paid by new allottee. The steps are below:

Documents Requirements in internal transfer

1: Agreement to Sale between buyer & Seller

2. No Objection Certificate from Mahagun

3. No Dues Certificate from Mahagun

4. Transferring Permission from Mahagun should be obtained on email

5. Statement of Accounts from Mahagun

6. KYC Form (Buyer/ Seller)

7. NOC from Mahagun : Mahagun Provide NOC when all payments and interest charges are cleared by allottee. In case of any interest or payment left till the date of transfer, the allottee must clear all the dues.

8. Original Allotment Letter

9. All Original Payment Receipts.

10. Original Builder Buyer Agreement

11. NOC from Bank in case of Bank Loan

Builder’s Transfer Charges: It is mandatory to pay builder’s transfer charges before transfer, which is also called administrative fees.

NOC Charges: It is also mandatory to pay NOC Charges while applying for NOC from builder, These charges also called administrative fees.

2) Authority Transfer (Registry)

In case of Authority transfer or registry, the builder transfer property in the name of allottee. In general it is builder’s responsibility to prepare transfer kit but in few cases few allottee have rights to get it transfer in their name by their own lawyer. The allottee has to pay stamp paper charges at the rate of 5% of the circle rate of the area or the allotment cost whichever is higher and authority fees along with lawyer charges.

The buyer has to purchase non judicial stamp papers for registration (Also known Stamp Duty). The Stamp paper can be purchased online from http://www.shcilestamp.com

Charges to Pay:

1. The stamp paper @ 5%

2. Authority Fees

3. Lawyer Fees

Documents Requirements during registry:

1. Passport size photographs

2. Identification document & Residence Proof.

3. Sale deed being written by Deed writer along with Stamp Duty

4. Photo Copy of all Property Documents

Below are the steps required to get property register:

Step 1: The value of the property is estimated on the basis of circle rate or allotment rate (Whichever is higher). The stamp duty at the rate of 5% is applicable . For example for a 50 Lakh house, stamp duty of 5% is 2.5 Lakh to be purchased from http://www.shcilestamp.com or from the vendor/ Lawyer.

Step 2: The lease deed to be prepared either by Builder or Expert also called Lease deed writer. All photocopy of the documents are enclosed along with lease deed.

Step 3. Once lease deed is prepared, the builder’s representative and allottee (So called Both parties) have to approach Sub Registrat’s office to get the lease deed registered.

Two witnesses are required and all witnesses and allottee must carry their photographs, identification documents (Aadhar Card/ Passport/ PAN Card)

Step 4: Now, the transacting parties have to approach the Sub-Registrar’s Office to get the deed registered, accompanied with two witnesses. Each person involved in the process should carry their respective photographs, identification documents, etc. An original copy of the deed, along with two photocopies of the same, should also be carried.