1 Answer
Dear Client, as per your query, In the Indian context, the builder’s legal responsibility to execute the conveyance deed is applicable across the country under the Real Estate (Regulation and Development) Act, 2016, which is applicable in all states in the country under Section 17 of the Act. Although the MOFA in the state of Maharashtra and similar acts in the states of Gujarat (GOFA) and Karnataka (KOFA) provide detailed procedures for the execution of the conveyance deed in their respective jurisdictions, the general principle in all cases is that the society as a whole would bear the cost of registration and stamp duty for the common areas. The standardized fee charged for these deeds is usually about 1% of the cost of the property, with a maximum ceiling in most states, such as ₹30,000 in Maharashtra and Delhi. Although it is the responsibility of the developer to carry out this deed, it is a joint responsibility of all the members to ensure that the society has obtained legal ownership of the land. I hope this answer is helpful. In case of further queries, please do not hesitate to contact us.
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