Agreement for sale / Sale Deed / Stamp Duty

[tvsh]

Bhaskarjk,

My statements are not arbitrary. It is factually correct. If the registration fee is the same for a gift deed and registration, then the question of "gifting" to save on registeration fee, does not arise ( the stamp paper fees for a sale and gift would be the same). In order to reduce the miuse of Gift deed while doing a sale, such a limitation (reduced value of Rs 1000 among blood relatives) has been imposed. Read my statements in the context of the discussion.

Regards,
tvsh

[dhanesh]

As said by MNRS, I have also heard that banks do fund for plot + development. But Iam not sure if the ratio has to be mentioned in the agreement? Also if the development money is also paid through DD, do you require a a receipt from the vendor, is the DD from the bank itself be as a receipt?

[rameshauto]

Hi Expertz
I made a sale agreement for one resale flat in vinayaka layout, bhoopsandra with a deal of 2850persq.ft and while checking guide line value, it shows 3050.
Now I understand from the above thread that I need to register for 3050 only and not 2850. am I right?

I am planning to go for SBI home loan and In this case,can I proceed for sale deed with 2850per sq.ft and stampduty & registration charge I need to pay for 3050 sw.ft or I need to make a sale deed itself for 3050 persq.t

Kindly give your expertise opinion and let me know if I need to give any more details.

[msn1270]

Ramesh

First think of the amount which are expecting from the bank as Home loan. Usually banks give around 60-70% of the guidance value as loan for resale properties. Even though the Guidance value may be Rs. 3050, Banks takes final decision on the report of the valuation engineer who estimates the value of the structure.

First you approach the bank and check out your home loan eligibility. Then you decide about the sale agreement value.
If this amount is within your requirement, you need not to worry about the buying value or the guidance value.

[rameshauto]

Hi Msn1270
thanks for swift response.
I will make you clear that I checked with SBI panel Engineer and also he valuated for 3000persq.t & also checked with bank and they confirmed My home loan eligibility , what I require as loan . Even if its 5%less, I can manage no problem.

As I said earlier, Sale agreement had been made for 2850per sq.ft and now my concern is ONLY about sale deed.

> you need not to worry about the buying value or the guidance value.
Is it mean that we can register for the value what we are buying which is actually less by 200 per sq.ft than guidance value.
Is the guidance value listed for apartment in karnataka registration dept
*is it for old or new apt ?
*if its old, how many years?
*is per sq.ft mentioned is for super built up area or plinth area

Do I need to make sale deed with 2850per sq.ft and stampduty & registration charge I need to pay for 3050 sw.ft OR Do I need to make a sale deed itself for 3050 persq.t

[tvsh]

Do I need to make sale deed with 2850per sq.ft and stampduty & registration charge I need to pay for 3050 sw.ft OR Do I need to make a sale deed itself for 3050 persq.t

You need to make the sale deed for 2850 psft and pay stampduty on Rs 3050 psft. You need to pay stamp duty for Guidance value or the transaction value, which ever is higher.

[itsmesaisatish]

Can someone please suggest me is there any link where I can find the guidance value based on the area ?
I am looking for (pionier residency(BDA approved layout) located at Rayasandra village , near HOSA road) . Builder says in that area guidance value is 450/- .Adjacent to that there is one more BDA approved layout(ASTRO developers).They said guidance value is 700/- .

[tvsh]

You should be able to find it at http://www.karunadu.gov.in/karigr/aspx/marketvalue/default.aspx