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Permanent Alternate Accommodation Agreement

The document discusses the Permanent Alternate Accommodation Agreement, which must be executed between a developer, existing member of a housing society, and the society itself when redevelopment occurs. This agreement establishes title over a new flat provided to the existing member. It must be signed after approval for redevelopment but before handing over the original flat. The developer solely bears registration and stamp duty costs. Supporting documents that must be attached for registration are also listed.

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Vaishnavi Poojary
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10K views1 page

Permanent Alternate Accommodation Agreement

The document discusses the Permanent Alternate Accommodation Agreement, which must be executed between a developer, existing member of a housing society, and the society itself when redevelopment occurs. This agreement establishes title over a new flat provided to the existing member. It must be signed after approval for redevelopment but before handing over the original flat. The developer solely bears registration and stamp duty costs. Supporting documents that must be attached for registration are also listed.

Uploaded by

Vaishnavi Poojary
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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http://redevelopmentofhousingsociety.

com/judgment/22-article-showcase/redevelopment-matters

INDIVIDUAL TRIPARTY PERMANENT ALTERNATE ACCOMMODATION


AGREEMENT

When the new flats with an additional area are provided in the new building by the Developer to the existing
members of the Society as per the agreed terms of Development Agreement and in order to establish the title of
the new flat, a separate Tri-Party Agreement known as Permanent Alternate Accommodation Agreement has to
be executed by the Developer with the existing member wherein the Society shall be as confirming party. This
Agreement must be executed immediately after the issuance of Intimation of Disapproval (IOD) and before the
existing member hands over his flat to the Developer for redevelopment. The Stamp Duty and Registration
Charges will have to be solely paid by the Developer.

As per the Transfer of Property Act, 1882, any transaction pertaining to the immovable property exceeding
Rs.100/- needs to be in documented in writing and has to be registered as required under Registration Act, 1908.

The importance of this Document is to have Title Document of the new flat permitting the existing member to
sell his flat in future as also to mortgage the new flat and raise the loan from Bank/Financial Institution.

As per the amendment done, in the Schedule I to the Bombay Stamp Act,1958, even if the Society issues a
Letter of Allotment of new flat in the new building, the same shall be treated as an Agreement and applicable
Stamp Duty will have to be paid. Therefore it is a must that existing member should get the Permanent Alternate
Agreement executed for new flat as advised above.

COPIES OF DOCUMENTS TO ATTACH WITH PERMENANT ALTERNATE ACCOMODATION


FOR REGISTRATION

Agreement for Permanent Alternate Accommodation


NOC letter from Society to Member on Society's letter head
Receipt of Stamp Duty paid on Development Agreement
First and last two pages of Registered Development agreement
Old Share Certificate (Front & Back)
Property Card
City Survey Plan
Occupation Certificate of old Society
Assessment Bill (Old) Of Society
Ration card of member
Electricity bill of member
Society registration certificate
Floor plan of Member
IOD and CC
Copy of Member's Election Card and Pan Card and
2 passport size photographs

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