DS-MAX SHRINE R.T. Nagar, Kaval Byrasandra Bus Stop, Bangalore

2BHK & 3BHK Luxury apartments for sale in R.T. Nagar, Kaval Byrasandra Bus Stop, Bangalore at DS-MAX SHRINE

DS-MAX SHRINE is an extension to our mission to provide a comfort refuge to every family who desires to own a dream home. This project contains all the elements which define modern day lifestyles. The location is best suited to our busy lifestyle as it offers quick access to places which caters your daily necessities. RT Nagar is known for its bustling neighborhood and is one of the most sought-after locations in Bangalore. What is comfort when there’s no peace of mind? Your happiness has always been our top priority. In all our projects we offer 24 hours security services, so that you enjoy every moment of your stay at DS-MAX SHRINE without a hint of worry. While the city is alarmed by the soaring prices of apartments, we offer attractive prices on our apartments.

KARNATAKA STAMP (AMENDMENT)

       Recently, the Government of Karnataka has amended the Karnataka Stamp Act, 1957 imposing stamp duty on agreements to sell at 0.25 [point two five] per cent which is very abnormal and not matching with the stamp duty levied in their neighbouring States. The revised rates are effective from lst April,2009. 

       Article 5(e)(ii) under Schedule to Amendment Act, 2009 is relevant here and it deals with the agreements or memorandum of agreements relating to sale of immovable property wherein possession of the property is not delivered and according to which the stamp duty payable would be 0.25 [point two five] rupees for every one hundred rupees or part thereof on the market value equal to the amount of consideration. Thus, for an agreement to sell of the value of the property of Rs.50,00,000/-., the stamp duty payable would be Rs.12,500/- whereas before this amendment the optimum stamp duty payable was only Rs.200/-. In the neighbouring State of Tamil Nadu, the stamp duty payable on agreement to sell is only RS.IO/- irrespective of the amountofsale consideration. 

      On the basis of the agreement to sell, normally the purchasers of immovable property would approach the barucs for housing loan. Banks do insist on payment of stamp duty at the prevailing rates for considering the loan application since under-stamped agreements to sell are not enforceable in a court of law. Therefore, the home loan borrowers are compelled to first spend money on stamp duty on agreement to sell, and then approach banks for housing loans. 

       If the deal with the vendor fizzles out, the amount spent by the purchaser towards payment of stamp duty for agreement to sell would go waste since there is no provision for getting refund of stamp duty paid in such circumstances. However, for obvious reasons, some of the property developers are still paying stamp duty for agreements to sell only at Rs.200/- which is not correct. In view of its abnormality, prevailing global economic recession and the weakened purchasing capacity of the borrowers, the Government of Karnataka may look into the matter afresh and revert back to the old slab system of payment of stamp duty with optimum duty of Rs.200/- for agreements to sell where possession of the property is not delivered to fall in line with other southern States. 

2BHK & 3BHK Luxury apartments for sale in R.T. Nagar, Kaval Byrasandra Bus Stop, Bangalore at DS-MAX SHRINE