Amendment status not verified — confirm the current text below against the official source.
(1) Whenever any allotment, sale or other transfer of an apartment is trade within the provisions of the Land Transfer Act by the promoter to the allottee, the promoter and the allottee shall, as the party in the first part and the party in the second part respectively, within four months from the date of subject allotment, sale or other transfer, execute a deed of apartment, containing the following particulars; namely,- (a) the name, address and other particulars of the allottee; (b) description of the land on which the building and the common areas and facilities are located, and whether the land is free-hold or leasehold, and if leasehold the period of such lease, and the postal address of the property; (c) a set of floor plans of the building showing the lay-out and location of the apartment, and bearing the verified statement of an architect certifying that it is an accurate copy of the portions of the plans of the building as filed with and approved by local authority within the jurisdiction of which the building is located; (d) description of the building, stating the number of storeys and basements, the number of apartments in that building and the principal materials of which it is constructed; (e) the apartment number or statement of the location of the apartment, its approximate area, number and dimensions of the rooms, immediate common area to which it has access, and any other data necessary for its property identification: Provided that the number and areas of the apartments should be in conformity with the Municipal Regulations or Meghalaya Building Bye Law in force; (f) description of the common areas and facilities appurtenant to such apartment; (g) description of the limited common areas and facilities, if any, starting to which apartments their use is reserved; (h) value of the property and of the apartment and the percentage of undivided interest respectively in the common areas and facilities and the limited common areas and facilities if any, appurtenant to such apartment, and a statement that the apartment and such undivided interest are not encumbered in any manner whatsoever on the date of execution of the deed of apartment; (i) statement of the purposes for which the building and each of the apartments are intended and restricted as to use; (j) the name of the person to receive service of process, together with the residence or place of business of such person; and (k) any further details which the parties to the deed of apartment may feel desirable to set forth: Provided that if, owing to urgent necessity or unavoidable accident, any document executed, or copy of a decree or order made, in India is not presented for registration till after the expiration of the time hereinbefore prescribed in that behalf, the Registrar, in cases where the delay in presentation does not exceed four months, may direct, on payment of a fine not exceeding ten times the amount of the proper registration fee, such document shall be accepted for registration as per sub section (1) of Section 25 of Indian Registration Act 1908. In case of delay beyond this period, the provision of Indian Registration Act 1908 shall be applicable: Provided further that in the case of an allotment, sale or other transfer made before the commencement of this Act, the promoter shall execute the deed of apartment within four months of such commencement or within the period of extension granted by the competent authority or Government: Provided also that the non-execution of a lease between the lessor and the lessee, or the alleged breach of any conditions of the original agreement regarding allotment between the promoter and the allottee, shall not be considered sufficient cause for the promoter not executing the deed of apartment in favour of the allottee. (2) If the apartment is allotted under hire-purchase, the promoter and the hire-purchaser shall execute, instead of a deed of apartment, a hire-purchase agreement. (3) The promoter shall file in the office of the competent authority, and deliver to the concerned allottee a true copy of the deed of apartment or the hire-purchase agreement as registered under Section 16. (4) Whenever any transfer of an apartment is made by the owner thereof, whether by sale, lease mortgage exchange, gift or otherwise within the provisions of the Land Transfer Act, the transferor or shall deliver to the transferee the certified copy of the deed of apartment delivered to him under sub-section (3) , after making an endorsement thereon as to the name, address and other particulars of the transferee, to enable the transferee to get endorsement of the certified copy registered in accordance with the provisions of section 16. (5) The execution of the deed of the apartment vests the apartment owner with the exclusive ownership and possession of the apartment together with the percentage of undivided interest in the common areas and facilities appurtenant to such apartment, as a heritable and transferable property in terms of Sections 4 and 6 of this Act. On execution of a document transferring the management of the property and the common areas and facilities to the association, it is vested with the management of the property and the common area and facilities, but will not be the owner of the property or the building or the common areas and the facilities. (6) For the removal of doubts, it is hereby declared that the provisions of this section shall be in addition to and not in derogation of the provisions of any other law for the time being in force, relating to the transfer of immovable property. (7) The copy of the deed of apartment or the endorsements thereon, as the case may be, shall be sent by the Registrar to the concerned Income Tax authority and the Promoter, apartment owner or transferee except tribal shall be liable to any action under the- Income Tax Act, if the transaction reveals that any income has escaped taxation. (8) In the absence of any agreement to the contrary, the stamp duty and the registration fee for a deed of apartment or an endorsement thereon or a sub-lease shall be borne by the allottee, the transferee or the sub-lessee as the case may be, unless it is remitted by notification under Section 9 of the Indian Stamp Act,1899.