The SRA provides slum dwellers with housing known as SRA housing. There are two types of SRA housing: one that is allocated to a slum dweller after they hand over their existing home, and housing that builders sell on the open market.
There are certain SRA rules and regulations for the purchase or sale of SRA housing:
1. There is a lock-up period for the beneficiary preventing them from selling the allocated SRA housing for 10 years.
2If the property is sold after 10 years, the state government is entitled to a share of the sales value. This component is called the transaction fee, which is deemed necessary at the time of property registration. This is equal to Stamp Duty or Rs 1 lakh, whichever is greater.
3. The SRA floor can only be purchased by domiciliary certificate holders.Also, the family may not own any other unit in the Mumbai suburbs.
4. The original seller may not purchase SRA floors.
5. The buyer must be from the economically vulnerable section (EWS), low-income group (LIG) or middle-income group (MIG).6. The contract of sale is issued in the name of the husband and wife. Affiliated companies or organizations are not permitted to purchase SRA floors.
STEP 1: Complete the Wire Transfer Request Form that you will receive from the SRA office. With this application, you are required to submit the list of documents as follows.- BuyerÕs Certificate of Residence, Copy of 3-year Income Tax Return or Income Certificate, NOC of the company to purchase a property, Certificate of absence of quotas from the company, a paper Pratigaya Patra stamped Rs 100 – Draft can be obtained from SRA- office.
That’s all you need to send in SRA. Once submitted, a NOC letter will be issued.
STEP 2: Pay stamp duty and registration with the following documents (appoint an agent at the registration office) – NOC Letter from SRA, Contract of Sale 3, Utility Bill from Seller, Pan Card and Adhaar Card from Seller, Buyer and Seller, WITHOUT a copy of the certificate of company quotas, share certificate, OC of ownership.
STEP 3: a) The full set of stamp duties and copy of registration are sent to the SRA with the reference application using the NOC reference letter for purchase and sale indicated above.
b) A letter will again be issued to you stating that you are now required to pay the SRA Stamp Fees which will be a minimum of 1 lakh or the amount of Stamp Duty, whichever is greater.c) Once you have paid send it to the SRA office which will issue 3 NOCs i.e. H. 1 for the buyer, the second for the seller, 3 for the company.
STEP 4: a) Take the full set of documents and pay the company transfer fees.
b) The company stamps you on the back of the share certificates. Therefore, you are now a member of the partnership and ownership is transferred.
Reference: Maharashtra Slum Areas ( Improvement, Clearance and Redevelopment) Act, 1971 – 202100466-20210043-14013