Real Estate Forum on Memorandum

Latest Answer: If I purchase flat in Noida extension where property is already registered, then what will be transfer charges taken by authority ? I have heard buyer needs to pay some amount apart from registration charges and stamp duty.

Latest Answer: If it is done not within 60 days, then the seller have to file again a new application.

Latest Answer: Transfer memorandum is a permission granted by the development authority to the seller of the property allowing to transfer his rights to the buyers. The seller can obtain the a transfer memorandum from the local development authority and it is necessary because the development authority provides land development rights to the developers and sell the residential units for a lease of 99 years. Anyone who buys flat in commercial or residential project will actually own the flat for 99 years and the authority technically remains the first owner. You need to register the property in your name even under leasehold.