I am one of the members of a Housing Cooperative Society (registered under the Cooperative Societies Act). I have a loan for the same flat at the State Bank of India. The bank officials are now asking me to deposit the registered ownership deed from the Housing Cooperative. I contacted the local land registration office and found out that there is a significant cost involved in the registration process. Is it necessary for me, as a member of the housing cooperative, to register my flat? I have the share certificate, allotment letter, possession letter, etc.
Request for Legal Assistance
Seniors, please advise. Can anybody help me by providing any case law/judgment in this regard from any court? Please.
Regards,
Pulak Sahoo
Haldia
From India, Calcutta
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3Request for Legal Assistance
Seniors, please advise. Can anybody help me by providing any case law/judgment in this regard from any court? Please.
Regards,
Pulak Sahoo
Haldia
From India, Calcutta
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Registration is compulsory. In case the market valuation by the Municipal Corporation is below Rs. 25 lakhs, the registry and stamp duty will be 7.1% of the valuation; otherwise, it will be 8.1%.
Regards,
Amitava
From India, Calcutta
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Regards,
Amitava
From India, Calcutta
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Clarification on Bank's Request for Registered Deed
Hi seniors, please realize the fact as under: We, the eight (8) persons, created a housing cooperative duly registered by the West Bengal Housing Cooperative Society Act in the year 2005. We then drew a building plan, which was approved by the local municipality, and proceeded to build the said building through a labor contract. We did not sell the flats; rather, we built them on our own. Therefore, as a member of the Housing Cooperative, I own one flat in the same building. During the land registration, our registration fees/stamp duty were waived as per the rules.
Hence, I request clarification on the bank's request for the registered deed of the same flat. Is the bank's request correct?
Regards,
Pulak Sahoo
From India, Calcutta
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Hi seniors, please realize the fact as under: We, the eight (8) persons, created a housing cooperative duly registered by the West Bengal Housing Cooperative Society Act in the year 2005. We then drew a building plan, which was approved by the local municipality, and proceeded to build the said building through a labor contract. We did not sell the flats; rather, we built them on our own. Therefore, as a member of the Housing Cooperative, I own one flat in the same building. During the land registration, our registration fees/stamp duty were waived as per the rules.
Hence, I request clarification on the bank's request for the registered deed of the same flat. Is the bank's request correct?
Regards,
Pulak Sahoo
From India, Calcutta
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