Common use of CONVEYANCE OF THE SAID PLOT Clause in Contracts

CONVEYANCE OF THE SAID PLOT. The Promoter, on receipt of Total Price of the Plot as per para 1.2 under the Agreement from the Allottee’s, shall execute the sale deed and convey the title of the Plot together with proportionate indivisible share in the Common Areas within 3 months from the date of receipt of the full payment issuance of the completion certificate* 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 plot 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 plot, 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 MP Xxxxx Xxxxxxxx Xxxxxxxxx, 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 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 PLOT. The Promoter, on receipt of Total Price of the Plot as per para 1.2 under the Agreement from the Allottee’s, shall execute the sale deed and convey the title of the Plot together with proportionate indivisible share in the Common Areas within 3 months from the date of receipt of the full payment issuance of the completion certificate* and the completion certificate, as the case may m ay 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 plot 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 plot, 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 MP Xxxxx Xxxxxxxx XxxxxxxxxBhumi Swamitva Adhiniyam, 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 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 PLOT. The Promoter, on receipt of Total Price of the Plot as per para 1.2 under the Agreement from the Allottee’s, shall execute the sale deed and convey the title of the Plot together with proportionate indivisible share in the Common Areas within 3 months from the date of receipt of the full payment issuance of the completion certificate* 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 plot 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 plot, 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 MP Xxxxx Xxxxxxxx XxxxxxxxxBhumi Swamitva Adhiniyam, 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 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.