CONVEYANCE OF THE SAID SHOP. The Promoter, on receipt of Total Price of the Shop as per para 1.2 under the Agreement from the Allottee’s, shall execute a conveyance deed and convey the title of the Shop together with proportionate indivisible share in the Common Areas within 3 months from the date of receipt of full payment or issuance of the completion certificate* whichever is earlier, and the completion certificate, as the case may be, to the allottee’s. [Provided that, in the absence of local law, the conveyance deed in favour of the allottees shall be carried out by the promoter within 3 months from the date of issue of completion certificate]. However, in case the Allottee’s fails to deposit the stamp duty and/or registration charges and mutation charges within the period mentioned in the notice, the Allottee’s authorizes the Promoter to withhold registration of the conveyance deed in his/her favour until payment of stamp duty and registration charges and mutation charges to the Promoter is made by the Allottee’s along with taking care and/or maintenance of the shop as already mentioned in clause 7.3 first above. Provided further that the Promoter may instead of executing separate transfer deeds of proportionate common area, along with each individual shop, may transfer the entire proportionate common area with respect to all the units in the project, to the Association of Allottees, by executing a single Deed, in accordance with the provisions of the X.X. Xxxxxxxxx Swamitva Adhiniyam 2002, 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 individually by each of the Allottee or the Association of Allottees, as the case may be. Provided further that since the entire proportionate common area shall be 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 SHOP. UNIT/APARTMENT: The Promoter, on receipt of Total Price of the Flat/Unit/Apartment as per para 1.2 under the Agreement from the Allottee, shall execute a conveyance deed and convey the title of the Flat/Unit/Apartment together with proportionate indivisible share in the Common Areas within 3 months from the date of issuance of or application for issuance of Completion/Occupancy certificate and the completion certificate, as the case may be, to the allottee. 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.
CONVEYANCE OF THE SAID SHOP. Flat The DEVELOPER, on receipt of complete amount of the Price of the Shop under the Agreement from the Allottee(s), shall execute a conveyance deed and convey the title of the Shop together with proportionate indivisible share in the Common Areas within 3 (three) months from the issuance of the occupancy certificate. However, in case the Allottee(s) fails to deposit the stamp duty, registration charges and all other incidental and legal expenses etc. so demanded within the period mentioned in the demand letter, the Allottee(s) authorizes the DEVELOPER to withhold registration of the conveyance deed in his/her favour till full and final settlement of all dues and stamp duty and registration charges to the DEVELOPER is made by the Allottee(s). The Allottee(s) shall be solely responsible and liable for compliance of the provisions of Indian Stamp Act, 1899 including any actions taken or deficiencies/ penalties imposed by the competent authority(ies).
