Common use of CONVEYANCE OF THE SAID APARTMENT/ PLOT Clause in Contracts

CONVEYANCE OF THE SAID APARTMENT/ PLOT. The Promoter, on receipt of Total Price of the [Apartment/Plot] as per para 1.2 under the Agreement from the Allottee, shall execute a conveyance deed and convey the title of the [Apartment/Plot] together with proportionate indivisible share in the Common Areas which can be transferred, to the Association of Allottees ,within 3 months from the date of issuance of the occupancy certificate* and the completion certificate, as the case may be, to the allottee. [Provided that, in the absence of local law, the conveyance deed in favour of the allottee shall be carried out by the promoter within 3 months from the date of issue of occupancy certificate]. However, in case the Allottee fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottee authorizes the Promoter to withhold registration of the conveyance deed in his/her favour until payment of stamp duty and registration charges to the Promoter is made by the Allottee. Provided further that the Promoter may instead of executing separate transfer deeds of proportionate common area, along with each individual apartment/plot, may transfer the such e ntire proportionate common area which can be transferred, with respect to all the plots in the project, to the Association of Allottees, by executing a single Deed, within three months of obtaining the Completion/Occupancy Certificate, as the case may be. It is hereby made clear, that in either case the entire cost of the transfer deed to executed with respect to the proportionate common areas, shall be borne exclusive by each of the Allottee or the Association of Allottees, as the case may be. Provided further that since the entire proportionate common area is being transferred to the Association of the Allottees by operation and in compliance of the provisions of the Act, without any consideration to be paid to the Promoter, therefore the transfer of the proportionate common area to the Association of Allottees, shall always be deemed to be without payment of any consideration to the Promoter so as not to add any amount to the Capital Gain or consequent Income Tax to the account of the Promoter and it shall always be deemed to be a transfer by operation of law.

CONVEYANCE OF THE SAID APARTMENT/ PLOT. The Promoter, on receipt of Total Price of the [Apartment/Plot] Plot as per para 1.2 under the Agreement from the Allottee, shall in compliance with provisions of Sec 11(4)(f) and Sec 17 of the Act, execute a conveyance deed and convey the title of the [Apartment/Plot] Plot to the Allottee, together with proportionate indivisible share in the only such Common Areas which can be transferred, to the Association of Allottees ,Allottees, earlier or within 3 months from the date of issuance of the occupancy certificate* and and/or the completion certificate, as the case may be, to the allottee. [Provided that, in the absence of local law, the conveyance deed in favour of the allottee shall be carried out by the promoter within 3 months from the date of issue of occupancy certificate]. However, in case the Allottee fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottee authorizes the Promoter to withhold registration of the conveyance deed in his/her favour until payment of stamp duty and registration charges to the Promoter is made by the Allottee. Provided further that the Promoter may instead of executing separate transfer deeds of proportionate common area, along with each individual apartment/plot, may transfer the such e ntire entire proportionate common area which can be transferred, with respect to all the plots in the project, to the Association of Allottees, by executing a single Deed, within three months of obtaining the Completion/Occupancy Certificate, as the case may be. It is hereby made clear, that in either case the entire cost of the transfer deed to executed with respect to the proportionate common areas, shall be borne exclusive by each of the Allottee or the Association of Allottees, as the case may be. Provided further that since the entire proportionate common area is being transferred to the Association of the Allottees by operation and in compliance of the provisions of the Act, without any consideration to be paid to the Promoter, therefore the transfer of the proportionate common area to the Association of Allottees, shall always be deemed to be without payment of any consideration to the Promoter so as not to add any amount to the Capital Gain or consequent Income Tax to the account of the Promoter and it shall always be deemed to be a transfer by operation of law.

CONVEYANCE OF THE SAID APARTMENT/ PLOT. The Promoter, on receipt of Total Price of the [Apartment/Plot] as per para 1.2 under the Agreement from the Allottee, shall execute a conveyance deed and convey the title of the [Apartment/Plot] together with proportionate indivisible share in only such the Common Areas which can be transferred, to the Association of Allottees ,within 3 months from the date of issuance of the occupancy certificate* and the completion certificate, as the case may be, to the allottee. [Provided that, in the absence of local law, the conveyance deed in favour of the allottee shall be carried out by the promoter within 3 months from the date of issue of occupancy certificate]. However, in case the Allottee fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottee authorizes the Promoter to withhold registration of the conveyance deed in his/her favour until payment of stamp duty and registration charges to the Promoter is made by the Allottee. Provided further that the Promoter may instead of executing separate transfer deeds of proportionate common area, along with each individual apartment/plot, may transfer the such e ntire entire proportionate common area which can be transferred, with respect to all the plots in the project, to the Association of Allottees, by executing a single Deed, within three months of obtaining the Completion/Occupancy Certificate, as the case may be. It is hereby made clear, that in either case the entire cost of the transfer deed to executed with respect to the proportionate common areas, shall be borne exclusive by each of the Allottee or the Association of Allottees, as the case may be. Provided further that since the entire proportionate common area is being transferred to the Association of the Allottees by operation and in compliance of the provisions of the Act, without any consideration to be paid to the Promoter, therefore the transfer of the proportionate common area to the Association of Allottees, shall always be deemed to be without payment of any consideration to the Promoter so as not to add any amount to the Capital Gain or consequent Income Tax to the account of the Promoter and it shall always be deemed to be a transfer by operation of law.

CONVEYANCE OF THE SAID APARTMENT/ PLOT. The Promoter, on receipt of Total Price of the [Apartment/Plot] as per para 1.2 under the Agreement from the Allottee, shall execute a conveyance deed and convey the title of the [Apartment/Plot] together with proportionate indivisible share in only such the Common Areas which w hich can be transferred, to the Association of Allottees ,within 3 months from the date of issuance of the occupancy certificate* and the completion certificate, as the case may be, to the allottee. [Provided that, in the absence of local law, the conveyance deed in favour of the allottee shall be carried out by the promoter within 3 months from the date of issue of occupancy certificate]. However, in case the Allottee fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottee authorizes the Promoter to withhold registration of the conveyance deed in his/her favour until payment of stamp duty and registration charges to the Promoter is made by the Allottee. Provided further that the Promoter may instead of executing separate transfer deeds of proportionate common area, along with each individual apartment/plot, may transfer the such e ntire proportionate common area which can be transferred, with respect to all the plots in the project, to the Association of Allottees, by executing a single Deed, within three months of obtaining the Completion/Occupancy Certificate, as the case may be. It is hereby made clear, that in either case the entire cost of the transfer deed to executed with respect to the proportionate common areas, shall be borne exclusive by each of the Allottee or the Association of Allottees, as the case may be. Provided further that since the entire proportionate common area is being transferred to the Association of the Allottees by operation and in compliance of the provisions of the Act, without any consideration to be paid to the Promoter, therefore the transfer of the proportionate common area to the Association of Allottees, shall always be deemed to be without payment of any consideration to the Promoter so as not to add any amount to the Capital Gain or consequent Income Tax to the account of the Promoter and it shall always be deemed to be a transfer by operation of law.

CONVEYANCE OF THE SAID APARTMENT/ PLOT. The Promoter, on receipt of Total Price of the [Apartment/Plot] as per para 1.2 under the Agreement from the Allottee, shall execute a conveyance deed and convey the title of the [Apartment/Plot] together with proportionate indivisible share in the Common Areas which can be transferred, to the Association of Allottees ,within 3 months from the date of issuance of the occupancy certificate* and the completion certificate, as the case may be, to the allottee. [Provided that, in the absence of local law, the conveyance deed in favour of the allottee shall be carried out by the promoter within 3 months from the date of issue of occupancy certificate]. However, in case the Allottee fails to deposit the stamp duty and/or registration charges within the period mentioned in the notice, the Allottee authorizes the Promoter to withhold registration of the conveyance deed in his/her favour until payment of stamp duty and registration charges to the Promoter is made by the Allottee. Provided further that the Promoter may instead of executing separate transfer deeds of proportionate common area, along with each individual apartment/plot, may transfer the such e ntire entire proportionate common area which can be transferred, with respect to all the plots in the project, to the Association of Allottees, by executing a single Deed, within three months of obtaining the Completion/Occupancy Certificate, as the case may be. It is hereby made clear, that in either case the entire cost of the transfer deed to executed with respect to the proportionate common areas, shall be borne exclusive by each of the Allottee or the Association of Allottees, as the case may be. Provided further that since the entire proportionate common area is being transferred to the Association of the Allottees by operation and in compliance of the provisions of the Act, without any consideration to be paid to the Promoter, therefore the transfer of the proportionate common area to the Association of Allottees, shall always be deemed to be without payment of any consideration to the Promoter so as not to add any amount to the Capital Gain or consequent Income Tax to the account of the Promoter and it shall always be deemed to be a transfer by operation of law.