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The Goa government has acknowledged that in numerous cases, builders have neglected to carry out sale or conveyance deeds for cooperative housing societies, and to rectify this, they are providing a three-month grace period to finalise the necessary paperwork. The revenue department has recently reduced the stamp duty and registration fees for conveyance deeds to a mere 1 percent of the current market rate.
From May 1 onwards, a unique discount will be offered for those who have signed the sales agreement before March 2014. Within a timeframe of three months, housing societies must finalize the process and officially register the deed of transfer with the sub-registrar's office.
The revenue department has issued an order stating that the government will lower the stamp duty on conveyance, such as deeds of conveyance, sale, or transfer executed based on agreements or memoranda of understanding, that were made on or before March 31, 2014. The benefit is solely applicable when the plot's overall size is restricted to 600 square metres or less and only if the occupation certificate is received after the structure is erected.
The cooperative housing sector can breathe a sigh of relief as Chief Minister Pramod Sawant has included provisions in this year's state budget to transfer land ownership to housing societies through easy execution of conveyance deeds, with a reduced one-time flat rate of fees.
The legal act of transferring ownership of property, specifically from the person or company responsible for constructing the property to the housing community, is known as conveyance. Those who have built their residential homes on small plots without completing sale deeds will also be eligible for the incentive. The revenue department has laid out a criterion that only dwellings with a maximum built up area of 200 square metres are eligible for the exclusive rates.
A conveyance deed serves as a legal document that enables the transfer of property ownership between individuals, whether as a gift, exchange, lease, mortgage, or other means. It is important to register conveyance deeds at the sub-registrar's office and ensure that they have been stamped on non-judicial paper. Also, two witnesses must sign the deed. Once the transfer is announced, the conveyance deed is finalised. Having this document on hand can protect an individual from deceitful actions. To ensure a proper purchase of a property, it is advisable to request a duplicate of the conveyance deed copy. To draft a conveyance deed, the expertise of a lawyer is required.
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